BlackRock Inc. lifted its position in shares of Columbus McKinnon Corp. (NASDAQ:CMCO) by 1.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,568,705 shares of the industrial products company’s stock after buying an additional 15,668 shares during the period. BlackRock Inc. owned approximately 6.72% of Columbus McKinnon worth $47,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its stake in Columbus McKinnon by 83.5% during the third quarter. FMR LLC now owns 408,329 shares of the industrial products company’s stock worth $16,145,000 after buying an additional 185,751 shares during the period. Macquarie Group Ltd. raised its stake in shares of Columbus McKinnon by 14.1% in the 3rd quarter. Macquarie Group Ltd. now owns 1,280,623 shares of the industrial products company’s stock valued at $50,635,000 after acquiring an additional 157,958 shares during the period. Ceredex Value Advisors LLC acquired a new position in shares of Columbus McKinnon in the 4th quarter worth approximately $3,017,000. Marshall Wace LLP acquired a new position in shares of Columbus McKinnon in the 3rd quarter worth approximately $3,090,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Columbus McKinnon by 27.2% in the 3rd quarter. Renaissance Technologies LLC now owns 307,985 shares of the industrial products company’s stock worth $12,178,000 after acquiring an additional 65,900 shares during the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.
Several research firms recently weighed in on CMCO. BidaskClub downgraded shares of Columbus McKinnon from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Seaport Global Securities started coverage on Columbus McKinnon in a research note on Wednesday, January 23rd. They set a “buy” rating and a $42.00 price target on the stock. Roth Capital set a $44.00 price target on Columbus McKinnon and gave the stock a “buy” rating in a research report on Saturday, February 2nd. ValuEngine upgraded Columbus McKinnon from a “sell” rating to a “hold” rating in a research report on Wednesday, January 30th. Finally, Zacks Investment Research raised Columbus McKinnon from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Monday, January 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $44.50.
In other Columbus McKinnon news, VP Alan S. Korman sold 5,168 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $37.90, for a total transaction of $195,867.20. Following the sale, the vice president now directly owns 15,711 shares in the company, valued at approximately $595,446.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.27% of the stock is owned by corporate insiders.
NASDAQ CMCO opened at $37.64 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.78 and a quick ratio of 1.01. The stock has a market capitalization of $875.34 million, a price-to-earnings ratio of 18.73 and a beta of 1.76. Columbus McKinnon Corp. has a 1-year low of $27.66 and a 1-year high of $45.85.
Columbus McKinnon (NASDAQ:CMCO) last issued its quarterly earnings results on Thursday, January 31st. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.03. Columbus McKinnon had a net margin of 3.58% and a return on equity of 14.55%. The business had revenue of $217.42 million for the quarter, compared to analysts’ expectations of $215.05 million. On average, sell-side analysts forecast that Columbus McKinnon Corp. will post 2.63 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Friday, May 3rd will be paid a dividend of $0.06 per share. This is an increase from Columbus McKinnon’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, May 2nd. Columbus McKinnon’s dividend payout ratio is presently 9.95%.
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Columbus McKinnon Company Profile
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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