Zacks Research Downgrades Columbus McKinnon (NASDAQ:CMCO) to Hold

Columbus McKinnon (NASDAQ:CMCO) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Several other equities research analysts have also commented on CMCO. Weiss Ratings lowered shares of Columbus McKinnon from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 29th. DA Davidson cut their price objective on shares of Columbus McKinnon from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, June 15th. Finally, Wall Street Zen lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.00.

Columbus McKinnon Stock Down 1.7%

NASDAQ CMCO traded down $0.23 on Thursday, reaching $13.24. 647,484 shares of the stock traded hands, compared to its average volume of 622,484. Columbus McKinnon has a 12 month low of $11.99 and a 12 month high of $24.40. The company has a market cap of $381.68 million, a price-to-earnings ratio of -2.42 and a beta of 1.39. The company has a fifty day moving average price of $14.51 and a 200-day moving average price of $16.66. The company has a debt-to-equity ratio of 3.38, a quick ratio of 0.98 and a current ratio of 2.02.

Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings results on Thursday, June 4th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.12). The firm had revenue of $437.83 million for the quarter, compared to the consensus estimate of $419.56 million. Columbus McKinnon had a positive return on equity of 7.09% and a negative net margin of 19.23%.Columbus McKinnon’s quarterly revenue was up 77.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. Columbus McKinnon has set its FY 2027 guidance at 1.700-1.900 EPS. As a group, research analysts forecast that Columbus McKinnon will post 1.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Columbus McKinnon by 32.4% during the 1st quarter. AQR Capital Management LLC now owns 123,498 shares of the industrial products company’s stock worth $2,091,000 after acquiring an additional 30,255 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Columbus McKinnon by 5.1% in the first quarter. Goldman Sachs Group Inc. now owns 220,847 shares of the industrial products company’s stock valued at $3,739,000 after acquiring an additional 10,780 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Columbus McKinnon by 1,222.6% in the second quarter. Russell Investments Group Ltd. now owns 17,696 shares of the industrial products company’s stock worth $270,000 after purchasing an additional 16,358 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Columbus McKinnon during the second quarter worth $1,658,000. Finally, Marshall Wace LLP acquired a new position in shares of Columbus McKinnon during the second quarter worth $1,390,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

About Columbus McKinnon

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of material handling systems and solutions. The company’s product portfolio spans electric and manual hoists, motorized and manual chain and wire rope hoists, end-of-arm tooling, rigging hardware, trolleys and controls. Through its brands, Columbus McKinnon serves customers across a wide range of end markets including manufacturing, warehousing, construction, and energy, providing equipment for lifting, positioning and flow control applications.

With a focus on safety and productivity, Columbus McKinnon integrates advanced technologies such as automation controls, digital load monitoring and Internet-of-Things connectivity into its hoist and crane systems.