Columbus McKinnon (NASDAQ:CMCO) Shares Gap Up to $45.84

Columbus McKinnon Co. (NASDAQ:CMCO) shares gapped up prior to trading on Monday . The stock had previously closed at $45.84, but opened at $47.49. Columbus McKinnon shares last traded at $47.37, with a volume of 1,026 shares changing hands.

A number of brokerages have recently weighed in on CMCO. TheStreet downgraded Columbus McKinnon from a “b-” rating to a “c+” rating in a report on Monday, August 9th. Zacks Investment Research upgraded Columbus McKinnon from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Wednesday, July 28th. Finally, Colliers Securities reiterated a “buy” rating on shares of Columbus McKinnon in a report on Friday, July 30th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $59.67.

The business has a fifty day moving average of $44.71 and a 200 day moving average of $48.69. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 208.37, a P/E/G ratio of 0.78 and a beta of 1.28. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 0.99.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings data on Wednesday, July 28th. The industrial products company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.28. Columbus McKinnon had a return on equity of 8.09% and a net margin of 0.66%. The firm had revenue of $213.46 million for the quarter, compared to the consensus estimate of $214.10 million. On average, analysts expect that Columbus McKinnon Co. will post 2.97 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Friday, August 6th were issued a $0.06 dividend. The ex-dividend date was Thursday, August 5th. This represents a $0.24 dividend on an annualized basis and a yield of 0.50%. Columbus McKinnon’s dividend payout ratio is currently 20.69%.

In related news, VP Peter M. Mccormick sold 32,168 shares of the stock in a transaction that occurred on Friday, July 30th. The stock was sold at an average price of $46.63, for a total value of $1,499,993.84. Following the transaction, the vice president now owns 49,237 shares in the company, valued at $2,295,921.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.14% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Columbus McKinnon by 8.9% during the second quarter. BlackRock Inc. now owns 2,105,297 shares of the industrial products company’s stock worth $101,557,000 after purchasing an additional 171,265 shares during the period. Franklin Resources Inc. boosted its position in Columbus McKinnon by 14.9% during the first quarter. Franklin Resources Inc. now owns 1,544,883 shares of the industrial products company’s stock worth $81,508,000 after purchasing an additional 200,606 shares during the period. FMR LLC boosted its position in Columbus McKinnon by 37.4% during the second quarter. FMR LLC now owns 1,461,907 shares of the industrial products company’s stock worth $70,523,000 after purchasing an additional 398,283 shares during the period. Goldman Sachs Group Inc. boosted its position in Columbus McKinnon by 70.2% during the second quarter. Goldman Sachs Group Inc. now owns 1,455,698 shares of the industrial products company’s stock worth $70,223,000 after purchasing an additional 600,396 shares during the period. Finally, Macquarie Group Ltd. boosted its position in Columbus McKinnon by 1.8% during the second quarter. Macquarie Group Ltd. now owns 1,412,863 shares of the industrial products company’s stock worth $68,157,000 after purchasing an additional 24,941 shares during the period. 96.83% of the stock is owned by hedge funds and other institutional investors.

Columbus McKinnon Company Profile (NASDAQ:CMCO)

Columbus McKinnon Corp. engages in the designing, manufacturing, and marketing of material handling products and systems. Its products include hoists, chain and rigging tools, digital power control and delivery systems, actuators and rotary unions, industrial cranes, and elevator application drive systems which are distributed through STAHL, Herc-Alloy, Magnetek, Duff-Norton, Pfaff, and other brands.

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