Odyssean LLC raised its holdings in shares of Columbus McKinnon Corporation (NASDAQ:CMCO – Free Report) by 432.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,022 shares of the industrial products company’s stock after buying an additional 59,297 shares during the period. Odyssean LLC owned about 0.25% of Columbus McKinnon worth $1,105,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Polar Asset Management Partners Inc. bought a new position in Columbus McKinnon in the second quarter worth approximately $1,038,000. Stanley Capital Management LLC bought a new stake in shares of Columbus McKinnon during the 2nd quarter valued at $12,936,000. Hsbc Holdings PLC purchased a new stake in shares of Columbus McKinnon in the 2nd quarter worth $797,000. Legal & General Group Plc purchased a new stake in shares of Columbus McKinnon in the 2nd quarter worth $44,000. Finally, Front Street Capital Management Inc. bought a new position in Columbus McKinnon in the 2nd quarter worth $3,473,000. 95.96% of the stock is currently owned by institutional investors.
Columbus McKinnon Stock Performance
NASDAQ:CMCO opened at $18.84 on Friday. The stock has a 50-day moving average price of $16.82 and a 200 day moving average price of $15.98. The stock has a market capitalization of $543.72 million, a P/E ratio of -2.53 and a beta of 1.36. Columbus McKinnon Corporation has a 12-month low of $11.99 and a 12-month high of $24.40. The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95.
Columbus McKinnon Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, August 7th were given a dividend of $0.07 per share. The ex-dividend date was Friday, August 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.5%. Columbus McKinnon’s dividend payout ratio is currently -3.75%.
Insider Buying and Selling at Columbus McKinnon
In related news, EVP John Linker purchased 7,500 shares of Columbus McKinnon stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $19.67 per share, for a total transaction of $147,525.00. Following the acquisition, the executive vice president owned 7,500 shares in the company, valued at approximately $147,525. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher Stephens purchased 2,750 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was bought at an average price of $17.14 per share, for a total transaction of $47,135.00. Following the purchase, the director owned 22,317 shares in the company, valued at approximately $382,513.38. This represents a 14.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.09% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Zacks Research raised Columbus McKinnon from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Wall Street Zen downgraded Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. DA Davidson cut their price objective on Columbus McKinnon from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, June 15th. Weiss Ratings lowered shares of Columbus McKinnon from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Columbus McKinnon from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.
Read Our Latest Stock Report on CMCO
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.
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