Columbus McKinnon Corporation (NASDAQ:CMCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $42.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 6.17% from the company’s previous close.

According to Zacks, “Columbus McKinnon, is a broad-line designer, manufacturer and supplier of sophisticated material handling products and integrated material handling solutions that are widely distributed to industrial and consumer markets worldwide. The Company’s material handling products are sold, omestically and internationally, principally to third party distributors and, to a lesser extent, directly to manufacturers and other end-users. The Company’s integrated material handling solutions businesses deal directly with end-users. “

A number of other brokerages have also issued reports on CMCO. Roth Capital increased their price objective on Columbus McKinnon Corporation from $36.00 to $41.00 and gave the stock a “buy” rating in a report on Thursday. ValuEngine lowered Columbus McKinnon Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. TheStreet raised Columbus McKinnon Corporation from a “c” rating to a “b” rating in a report on Tuesday, August 1st. Finally, BidaskClub raised Columbus McKinnon Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $37.00.

Columbus McKinnon Corporation (NASDAQ:CMCO) last issued its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. Columbus McKinnon Corporation had a return on equity of 11.40% and a net margin of 2.65%. The business had revenue of $212.80 million during the quarter, compared to analyst estimates of $203.27 million. During the same period in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was up 40.0% compared to the same quarter last year.

TRADEMARK VIOLATION NOTICE: “Columbus McKinnon Corporation (CMCO) Upgraded to “Buy” by Zacks Investment Research” was posted by American Banking News and is the property of of American Banking News. If you are reading this piece on another site, it was illegally stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece can be read at https://www.americanbankingnews.com/2017/11/02/columbus-mckinnon-corporation-cmco-upgraded-to-buy-by-zacks-investment-research.html.

In other Columbus McKinnon Corporation news, VP Alan S. Korman sold 2,500 shares of the stock in a transaction 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 completion of the transaction, the vice president now directly owns 13,121 shares of the company’s stock, valued at approximately $432,074.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy T. Tevens sold 8,770 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $32.15, for a total value of $281,955.50. Following the transaction, the chief executive officer now directly owns 293,536 shares of the company’s stock, valued at $9,437,182.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 157,263 shares of company stock valued at $5,078,731. 3.91% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in Columbus McKinnon Corporation by 0.3% during the 2nd quarter. Royal Bank of Canada now owns 2,635,286 shares of the industrial products company’s stock valued at $37,289,000 after purchasing an additional 6,709 shares in the last quarter. Pzena Investment Management LLC boosted its stake in Columbus McKinnon Corporation by 1.4% during the 3rd quarter. Pzena Investment Management LLC now owns 1,543,733 shares of the industrial products company’s stock valued at $27,540,000 after purchasing an additional 20,689 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 valued at $34,906,000 after purchasing an additional 108,359 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Columbus McKinnon Corporation by 23.5% during the 2nd quarter. Macquarie Group Ltd. now owns 882,563 shares of the industrial products company’s stock valued at $12,488,000 after purchasing an additional 167,930 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in 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 valued at $20,863,000 after purchasing an additional 41,410 shares in the last quarter. 86.97% of the stock is owned by hedge funds and other institutional investors.

Columbus McKinnon Corporation Company Profile

Get a free copy of the Zacks research report on Columbus McKinnon Corporation (CMCO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Columbus McKinnon Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Columbus McKinnon Corporation and related companies with MarketBeat.com's FREE daily email newsletter.