Columbus McKinnon (NASDAQ:CMCO) Raised to Strong-Buy at Wall Street Zen

Columbus McKinnon (NASDAQ:CMCO) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

CMCO has been the topic of a number of other research reports. JPMorgan Chase & Co. reduced their price target 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. DA Davidson set a $20.00 price objective on Columbus McKinnon in a research report on Thursday, February 12th. CJS Securities upgraded Columbus McKinnon to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, Zacks Research downgraded Columbus McKinnon from a “hold” rating to a “strong sell” rating in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $23.50.

Columbus McKinnon Stock Performance

Shares of NASDAQ CMCO opened at $14.65 on Friday. The company has a 50-day simple moving average of $19.77 and a 200-day simple moving average of $17.18. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.83 and a quick ratio of 0.99. The company has a market cap of $421.04 million, a PE ratio of 69.76 and a beta of 1.32. Columbus McKinnon has a 12 month low of $11.78 and a 12 month high of $24.40.

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

Insider Activity

In related news, insider Jon Adams sold 5,185 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $23.28, for a total transaction of $120,706.80. Following the sale, the insider directly owned 9,366 shares in the company, valued at approximately $218,040.48. This trade represents a 35.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.26% of the company’s stock.

Institutional Trading of Columbus McKinnon

Hedge funds have recently made changes to their positions in the company. Simplex Trading LLC boosted its stake in shares of Columbus McKinnon by 782.2% in the second quarter. Simplex Trading LLC now owns 1,685 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 1,932 shares during the period. EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 565 shares during the period. Group One Trading LLC lifted its holdings 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 buying an additional 1,600 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position 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 buying an additional 1,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Columbus McKinnon by 267.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,600 shares of the industrial products company’s stock valued at $40,000 after buying an additional 1,893 shares during the last quarter. 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.