Columbus McKinnon (NASDAQ:CMCO) Price Target Cut to $27.00 by Analysts at JPMorgan Chase & Co.

Columbus McKinnon (NASDAQ:CMCO) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $29.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 37.39% from the company’s current price.

A number of other research firms also recently commented on CMCO. CJS Securities upgraded Columbus McKinnon to a “strong-buy” rating in a report on Thursday, December 11th. DA Davidson set a $20.00 price objective on shares of Columbus McKinnon in a report on Thursday, February 12th. Wall Street Zen cut shares of Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Zacks Research cut shares of Columbus McKinnon from a “hold” rating to a “strong sell” rating in a research report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Columbus McKinnon currently has a consensus rating of “Hold” and a consensus price target of $23.50.

Columbus McKinnon Trading Down 1.0%

NASDAQ:CMCO traded down $0.21 on Wednesday, hitting $19.65. 76,200 shares of the stock were exchanged, compared to its average volume of 458,920. The stock has a market capitalization of $564.78 million, a price-to-earnings ratio of 93.79 and a beta of 1.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.99 and a current ratio of 1.83. Columbus McKinnon has a 52 week low of $11.78 and a 52 week high of $24.40. The company’s 50-day moving average price is $19.61 and its 200 day moving average price is $16.73.

Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings results on Monday, February 9th. The industrial products company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The business had revenue of $258.66 million during the quarter, compared to the consensus estimate of $241.60 million. Columbus McKinnon had a net margin of 0.60% and a return on equity of 7.41%. Columbus McKinnon’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, equities research analysts forecast that Columbus McKinnon will post 2.69 earnings per share for the current year.

Insider Buying and Selling at Columbus McKinnon

In related news, insider Jon Adams sold 5,185 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $23.28, for a total value of $120,706.80. Following the sale, the insider owned 9,366 shares in the company, valued at approximately $218,040.48. This represents a 35.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.26% of the company’s stock.

Institutional Trading of Columbus McKinnon

A number of hedge funds have recently modified their holdings of CMCO. Simplex Trading LLC boosted its holdings in shares of Columbus McKinnon by 782.2% during the second quarter. Simplex Trading LLC now owns 1,685 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 1,932 shares during the period. EverSource Wealth Advisors LLC increased its position in Columbus McKinnon by 48.0% during the fourth 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 raised its stake in Columbus McKinnon by 266.7% in the 3rd quarter. Group One Trading LLC now owns 2,200 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 1,600 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in Columbus McKinnon by 66.7% in the 3rd 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 period. Finally, Tower Research Capital LLC TRC grew its position in shares of Columbus McKinnon by 267.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 1,893 shares in the last quarter. Institutional investors and hedge funds 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.