Columbus McKinnon (NASDAQ:CMCO) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of Columbus McKinnon (NASDAQ:CMCO) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on CMCO. DA Davidson set a $20.00 price target on Columbus McKinnon in a research note on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Columbus McKinnon in a research note on Tuesday, April 14th. JPMorgan Chase & Co. reduced their price objective on Columbus McKinnon from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 18th. Finally, Wall Street Zen cut Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 22nd. One 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. According to data from MarketBeat.com, Columbus McKinnon presently has a consensus rating of “Hold” and a consensus price target of $23.50.

Columbus McKinnon Trading Down 2.9%

Shares of CMCO stock opened at $15.02 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.83 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $15.40 and a two-hundred day moving average price of $17.22. Columbus McKinnon has a 12-month low of $13.31 and a 12-month high of $24.40. The firm has a market cap of $431.66 million, a P/E ratio of 71.52 and a beta of 1.39.

Columbus McKinnon (NASDAQ:CMCO) last issued its quarterly earnings results on Monday, February 9th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Columbus McKinnon had a return on equity of 7.41% and a net margin of 0.60%.The firm had revenue of $258.66 million during the quarter, compared to analyst estimates of $241.60 million. During the same quarter in the previous year, the company posted $0.56 earnings per share. The company’s revenue was up 10.5% compared to the same quarter last year. Equities analysts anticipate that Columbus McKinnon will post 1.89 EPS for the current fiscal year.

Columbus McKinnon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Friday, May 1st were issued a dividend of $0.07 per share. The ex-dividend date was Friday, May 1st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.9%. Columbus McKinnon’s dividend payout ratio is 133.33%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Columbus McKinnon by 48.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,741 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 565 shares during the period. Group One Trading LLC grew its holdings in shares of Columbus McKinnon by 266.7% during the 3rd quarter. Group One Trading LLC now owns 2,200 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 1,600 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of Columbus McKinnon by 66.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 2,500 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Columbus McKinnon by 267.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 1,893 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Columbus McKinnon by 41.4% during the fourth quarter. Royal Bank of Canada now owns 3,136 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 918 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Company Profile

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.