Columbus McKinnon Corporation (CMCO) Hits New 12-Month High at $33.44

Shares of Columbus McKinnon Corporation (NASDAQ:CMCO) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $33.44 and last traded at $33.47, with a volume of 94,261 shares changing hands. The stock had previously closed at $33.01.

Several analysts recently issued reports on the stock. Roth Capital assumed coverage on shares of Columbus McKinnon Corporation in a research report on Friday, July 28th. They set a “buy” rating and a $33.00 target price for the company. TheStreet upgraded shares of Columbus McKinnon Corporation from a “c” rating to a “b” rating in a research report on Tuesday, August 1st. BidaskClub upgraded shares of Columbus McKinnon Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine lowered shares of Columbus McKinnon Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Zacks Investment Research upgraded shares of Columbus McKinnon Corporation from a “hold” rating to a “strong-buy” rating and set a $37.00 target price for the company in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $34.50.

The stock’s 50 day moving average is $30.84 and its 200 day moving average is $26.91. The firm has a market capitalization of $757.03 million, a P/E ratio of 50.70 and a beta of 1.87.

Columbus McKinnon Corporation (NASDAQ:CMCO) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.23. The business had revenue of $203.70 million for the quarter, compared to analysts’ expectations of $190.62 million. Columbus McKinnon Corporation had a net margin of 2.06% and a return on equity of 10.30%. The business’s revenue was up 36.7% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Equities research analysts predict that Columbus McKinnon Corporation will post $1.90 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Friday, August 11th were paid a dividend of $0.04 per share. The ex-dividend date was Wednesday, August 9th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.48%. Columbus McKinnon Corporation’s payout ratio is 25.00%.

In other news, VP Alan S. Korman sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $32.00, for a total transaction of $32,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Alan S. Korman sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $32.93, for a total transaction of $82,325.00. Following the sale, the vice president now directly owns 13,121 shares in the company, valued at approximately $432,074.53. The disclosure for this sale can be found here. Insiders have sold a total of 167,932 shares of company stock worth $5,416,512 in the last ninety days. Corporate insiders own 3.91% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in shares of Columbus McKinnon Corporation by 4.7% during the 2nd quarter. Royal Bank of Canada now owns 2,608,542 shares of the industrial products company’s stock worth $66,309,000 after purchasing an additional 118,139 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Columbus McKinnon Corporation by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,373,168 shares of the industrial products company’s stock worth $34,906,000 after purchasing an additional 108,359 shares during the period. Macquarie Group Ltd. grew its stake in shares of Columbus McKinnon Corporation by 0.6% during the 2nd quarter. Macquarie Group Ltd. now owns 850,186 shares of the industrial products company’s stock worth $21,612,000 after purchasing an additional 4,726 shares during the period. Vanguard Group Inc. grew its stake in shares of Columbus McKinnon Corporation by 5.3% during the 2nd quarter. Vanguard Group Inc. now owns 820,712 shares of the industrial products company’s stock worth $20,863,000 after purchasing an additional 41,410 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Columbus McKinnon Corporation by 8.7% during the 2nd quarter. Northern Trust Corp now owns 495,033 shares of the industrial products company’s stock worth $12,585,000 after purchasing an additional 39,578 shares during the period. 86.37% of the stock is currently owned by institutional investors and hedge funds.

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