Columbus McKinnon (NASDAQ:CMCO) Stock Price Up 6.2% – Here’s What Happened

Shares of Columbus McKinnon Corporation (NASDAQ:CMCO) rose 6.2% during mid-day trading on Wednesday . The stock traded as high as $21.09 and last traded at $21.28. Approximately 87,362 shares changed hands during trading, a decline of 63% from the average daily volume of 235,564 shares. The stock had previously closed at $20.03.

Wall Street Analysts Forecast Growth

CMCO has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Columbus McKinnon in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Columbus McKinnon from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 6th. DA Davidson set a $15.00 target price on Columbus McKinnon in a research report on Thursday. Finally, CJS Securities upgraded Columbus McKinnon to a “strong-buy” rating in a report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Columbus McKinnon presently has a consensus rating of “Hold” and a consensus target price of $15.00.

Columbus McKinnon Stock Performance

The firm has a market capitalization of $597.30 million, a price-to-earnings ratio of 148.51 and a beta of 1.29. The company has a 50-day moving average of $17.16 and a 200-day moving average of $15.84. The company has a current ratio of 1.81, a quick ratio of 0.99 and a debt-to-equity ratio of 0.45.

Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. Columbus McKinnon had a return on equity of 7.33% and a net margin of 0.41%.The company had revenue of $261.05 million for the quarter, compared to analysts’ expectations of $240.63 million. The firm’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 earnings per share. On average, equities research analysts forecast that Columbus McKinnon Corporation will post 2.69 earnings per share for the current fiscal year.

Columbus McKinnon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, November 7th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.3%. Columbus McKinnon’s payout ratio is currently 200.00%.

Hedge Funds Weigh In On Columbus McKinnon

A number of institutional investors have recently modified their holdings of the company. Moody National Bank Trust Division lifted its position in Columbus McKinnon by 3.0% during the 2nd quarter. Moody National Bank Trust Division now owns 23,885 shares of the industrial products company’s stock worth $365,000 after acquiring an additional 703 shares during the last quarter. Access Investment Management LLC raised its position in Columbus McKinnon by 0.9% in the 3rd quarter. Access Investment Management LLC now owns 82,950 shares of the industrial products company’s stock valued at $1,190,000 after purchasing an additional 735 shares during the last quarter. Bridge City Capital LLC lifted its position in shares of Columbus McKinnon by 0.8% during the second quarter. Bridge City Capital LLC now owns 97,866 shares of the industrial products company’s stock worth $1,494,000 after purchasing an additional 784 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Columbus McKinnon by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 10,885 shares of the industrial products company’s stock valued at $166,000 after acquiring an additional 852 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its stake in shares of Columbus McKinnon by 66.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 2,500 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Company Profile

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of material handling systems and solutions. The company’s product portfolio spans electric and manual hoists, motorized and manual chain and wire rope hoists, end-of-arm tooling, rigging hardware, trolleys and controls. Through its brands, Columbus McKinnon serves customers across a wide range of end markets including manufacturing, warehousing, construction, and energy, providing equipment for lifting, positioning and flow control applications.

With a focus on safety and productivity, Columbus McKinnon integrates advanced technologies such as automation controls, digital load monitoring and Internet-of-Things connectivity into its hoist and crane systems.