Wedge Capital Management L L P NC trimmed its holdings in shares of Columbus McKinnon Corp. (NASDAQ:CMCO) by 33.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,361 shares of the industrial products company’s stock after selling 3,649 shares during the period. Wedge Capital Management L L P NC’s holdings in Columbus McKinnon were worth $268,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the company. FMR LLC increased its stake in Columbus McKinnon by 35.8% in the 1st quarter. FMR LLC now owns 636,200 shares of the industrial products company’s stock valued at $21,853,000 after purchasing an additional 167,700 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Columbus McKinnon in the 2nd quarter valued at approximately $6,465,000. Wells Fargo & Company MN increased its stake in Columbus McKinnon by 105.7% in the 2nd quarter. Wells Fargo & Company MN now owns 239,710 shares of the industrial products company’s stock valued at $10,060,000 after purchasing an additional 123,155 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in Columbus McKinnon in the 2nd quarter valued at approximately $5,110,000. Finally, Morgan Stanley increased its stake in Columbus McKinnon by 244.7% in the 2nd quarter. Morgan Stanley now owns 164,523 shares of the industrial products company’s stock valued at $6,905,000 after purchasing an additional 116,788 shares in the last quarter. 99.22% of the stock is owned by institutional investors and hedge funds.
NASDAQ:CMCO traded down $1.36 during trading hours on Friday, reaching $39.39. 196,700 shares of the company traded hands, compared to its average volume of 117,975. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.75 and a quick ratio of 1.01. The stock has a market cap of $921.23 million, a P/E ratio of 14.38 and a beta of 1.72. The firm’s 50-day moving average is $36.76 and its 200-day moving average is $37.28. Columbus McKinnon Corp. has a 1-year low of $27.66 and a 1-year high of $43.09.
Columbus McKinnon (NASDAQ:CMCO) last issued its earnings results on Thursday, November 7th. The industrial products company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.05. The business had revenue of $207.60 million for the quarter, compared to analyst estimates of $206.68 million. Columbus McKinnon had a return on equity of 15.44% and a net margin of 6.19%. The business’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. As a group, research analysts predict that Columbus McKinnon Corp. will post 3 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, November 8th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Thursday, November 7th. Columbus McKinnon’s dividend payout ratio (DPR) is currently 8.76%.
In related news, VP Benjamin Auyeung sold 6,853 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $34.37, for a total value of $235,537.61. Following the transaction, the vice president now directly owns 10,531 shares of the company’s stock, valued at approximately $361,950.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.39% of the company’s stock.
Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Sidoti dropped their price objective on Columbus McKinnon from $57.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Dougherty & Co assumed coverage on Columbus McKinnon in a research note on Tuesday, August 27th. They issued a “buy” rating and a $40.00 price objective for the company. ValuEngine raised Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Friday. Finally, BidaskClub raised Columbus McKinnon from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $44.80.
About Columbus McKinnon
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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