Columbus McKinnon (CMCO) Lifted to Buy at Zacks Investment Research

Columbus McKinnon (NASDAQ:CMCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $39.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.58% from the stock’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 equities analysts also recently weighed in on the company. Roth Capital upped their price target on Columbus McKinnon from $41.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, January 15th. BidaskClub raised Columbus McKinnon from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. ValuEngine upgraded Columbus McKinnon from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Seaport Global Securities reiterated a “buy” rating and set a $50.00 price objective on shares of Columbus McKinnon in a research note on Wednesday, January 10th. Finally, TheStreet cut Columbus McKinnon from a “b” rating to a “c+” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $46.33.

Columbus McKinnon (NASDAQ:CMCO) traded up $0.94 during trading hours on Friday, reaching $35.59. The company’s stock had a trading volume of 298,630 shares, compared to its average volume of 174,559. Columbus McKinnon has a 52-week low of $23.12 and a 52-week high of $44.55. The company has a current ratio of 1.81, a quick ratio of 1.18 and a debt-to-equity ratio of 0.83. The firm has a market cap of $818.52, a P/E ratio of 96.19 and a beta of 1.78.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.13. Columbus McKinnon had a return on equity of 11.87% and a net margin of 1.10%. The firm had revenue of $208.73 million during the quarter, compared to the consensus estimate of $201.08 million. During the same quarter in the prior year, the firm posted $0.25 EPS. The business’s revenue was up 36.9% on a year-over-year basis. research analysts forecast that Columbus McKinnon will post 2 EPS for the current year.

In related news, VP Mark R. Paradowski sold 3,906 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $39.96, for a total value of $156,083.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Alan S. Korman sold 1,558 shares of the stock in a transaction on Monday, December 4th. The shares were sold at an average price of $40.10, for a total value of $62,475.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,225 shares of company stock worth $247,918. Company insiders own 3.91% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Columbus McKinnon by 29.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 224,919 shares of the industrial products company’s stock valued at $8,448,000 after acquiring an additional 50,970 shares during the period. Algert Global LLC bought a new stake in Columbus McKinnon in the 3rd quarter valued at $1,054,000. New York State Common Retirement Fund increased its position in Columbus McKinnon by 16.0% during the 2nd quarter. New York State Common Retirement Fund now owns 22,500 shares of the industrial products company’s stock worth $572,000 after buying an additional 3,099 shares during the period. Systematic Financial Management LP increased its position in Columbus McKinnon by 17.4% during the 3rd quarter. Systematic Financial Management LP now owns 264,273 shares of the industrial products company’s stock worth $10,008,000 after buying an additional 39,118 shares during the period. Finally, State Street Corp increased its position in Columbus McKinnon by 6.0% during the 2nd quarter. State Street Corp now owns 364,841 shares of the industrial products company’s stock worth $9,277,000 after buying an additional 20,506 shares during the period. Institutional investors and hedge funds own 84.93% of the company’s stock.

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About Columbus McKinnon

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products serving various commercial and industrial end user markets. The Company’s products include various electric, air-powered, lever, and hand hoists, hoist trolleys, winches, industrial crane systems, such as steel bridge, gantry and jib cranes and aluminum work station cranes; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, logging tools and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters and tire shredders; power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems.

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