Posted by admin on Aug 15th, 2022

New York State Common Retirement Fund cut its holdings in Columbus McKinnon Co. (NASDAQ:CMCO – Get Rating) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,651 shares of the industrial products company’s stock after selling 982 shares during the quarter. New York State Common Retirement Fund owned approximately 0.19% of Columbus McKinnon worth $2,275,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pinebridge Investments L.P. bought a new position in Columbus McKinnon during the 4th quarter worth about $56,000. Advisor Group Holdings Inc. grew its holdings in Columbus McKinnon by 184.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,670 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 1,083 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Columbus McKinnon by 112.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,361 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 2,843 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Columbus McKinnon by 21.5% during the 4th quarter. Teacher Retirement System of Texas now owns 5,444 shares of the industrial products company’s stock worth $252,000 after acquiring an additional 962 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new position in Columbus McKinnon during the 1st quarter worth about $261,000. 97.70% of the stock is currently owned by institutional investors.

CMCO opened at $34.06 on Monday. Columbus McKinnon Co. has a 12-month low of $26.42 and a 12-month high of $54.20. The company has a current ratio of 2.02, a quick ratio of 1.16 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $974.66 million, a PE ratio of 21.69, a P/E/G ratio of 0.59 and a beta of 1.24. The firm has a 50 day moving average of $30.55 and a two-hundred day moving average of $36.73.

Columbus McKinnon (NASDAQ:CMCO – Get Rating) last posted its quarterly earnings results on Wednesday, May 25th. The industrial products company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Columbus McKinnon had a net margin of 4.96% and a return on equity of 10.76%. The company had revenue of $253.40 million during the quarter, compared to analyst estimates of $235.33 million. During the same period last year, the firm posted $0.50 EPS. Columbus McKinnon’s revenue for the quarter was up 36.1% compared to the same quarter last year. On average, analysts anticipate that Columbus McKinnon Co. will post 2.91 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Friday, August 5th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Thursday, August 4th. Columbus McKinnon’s dividend payout ratio is presently 17.83%.

Several brokerages have issued reports on CMCO. Craig Hallum cut shares of Columbus McKinnon from a “buy” rating to a “hold” rating and dropped their target price for the stock from $60.00 to $35.00 in a report on Wednesday, May 25th. DA Davidson lowered their price target on shares of Columbus McKinnon from $50.00 to $45.00 in a report on Monday, June 27th. Barrington Research lowered their price target on shares of Columbus McKinnon from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Finally, JPMorgan Chase & Co. cut shares of Columbus McKinnon from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $64.00 to $37.00 in a report on Thursday, May 26th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.25.

In other news, insider Kurt F. Wozniak sold 10,778 shares of Columbus McKinnon stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $34.24, for a total transaction of $369,038.72. Following the completion of the transaction, the insider now directly owns 25,725 shares of the company’s stock, valued at approximately $880,824. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.18% of the company’s stock.

Columbus McKinnon Corporation designs, manufactures, and markets intelligent motion solutions to ergonomically move, lift, position, and secure materials worldwide. The company offers electric, air-powered, lever, and hand hoists; hoist trolleys, explosion-protected and custom engineered hoists, and winches; crane systems, such as crane components and kits, enclosed track rail systems, mobile and jib cranes, and fall protection systems, as well as material handling solutions; rigging equipment comprising below-the-hook lifting devices, shackles, chains and chains accessories, forestry and hand tools, lifting slings, lashing systems, and tie-downs and load binders; rotary unions and swivel joints; and mechanical and electromechanical actuators.

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