Columbus McKinnon (NASDAQ:CMCO) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Columbus McKinnon Corporation (NASDAQ:CMCO) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $15.76, but opened at $18.46. Columbus McKinnon shares last traded at $18.12, with a volume of 146,402 shares.

The industrial products company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.23. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%. The business had revenue of $539.29 million for the quarter, compared to analyst estimates of $518.65 million. During the same quarter in the prior year, the firm posted $0.62 EPS. The firm’s revenue for the quarter was up 106.6% on a year-over-year basis.

Columbus McKinnon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Friday, November 6th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.28 dividend on an annualized basis and a yield of 1.5%. Columbus McKinnon’s dividend payout ratio (DPR) is -3.75%.

Wall Street Analysts Forecast Growth

CMCO has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Columbus McKinnon in a research report on Thursday. Zacks Research cut shares of Columbus McKinnon from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Columbus McKinnon from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.00.

Insider Buying and Selling at Columbus McKinnon

In related news, Director Christopher Stephens purchased 2,750 shares of Columbus McKinnon stock in a transaction dated Thursday, August 20th. The shares were acquired at an average cost of $17.14 per share, for a total transaction of $47,135.00. Following the transaction, the director directly owned 22,317 shares of the company’s stock, valued at approximately $382,513.38. This trade represents a 14.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new position in shares of Columbus McKinnon during the second quarter worth $29,000. Squarepoint Ops LLC bought a new stake in Columbus McKinnon in the 2nd quarter valued at approximately $1,225,000. Readystate Asset Management LP acquired a new position in Columbus McKinnon during the 2nd quarter worth approximately $675,000. Van Den Berg Management I Inc. boosted its position in Columbus McKinnon by 11.8% during the 2nd quarter. Van Den Berg Management I Inc. now owns 534,610 shares of the industrial products company’s stock worth $8,089,000 after acquiring an additional 56,282 shares during the last quarter. Finally, Hsbc Holdings PLC grew its stake in shares of Columbus McKinnon by 18.2% during the 2nd quarter. Hsbc Holdings PLC now owns 53,933 shares of the industrial products company’s stock worth $797,000 after acquiring an additional 8,292 shares in the last quarter. Institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Stock Up 15.9%

The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95. The company has a market capitalization of $527.27 million, a P/E ratio of -2.46 and a beta of 1.43. The firm’s 50 day moving average price is $16.27 and its two-hundred day moving average price is $16.55.

Columbus McKinnon Company Profile

Columbus McKinnon Corporation is a global manufacturer of intelligent motion solutions and lifting equipment. The company designs and supplies products used to move, lift, position and secure materials in industrial, commercial and infrastructure applications.

Its product portfolio includes electric and manual hoists, overhead cranes, winches, actuators, rigging equipment, load-positioning systems, crane controls and safety systems. Columbus McKinnon also offers automation technologies and software intended to improve the efficiency, safety and control of material-handling operations.