Columbus McKinnon (NASDAQ:CMCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. “
CMCO has been the subject of several other reports. ValuEngine upgraded shares of Columbus McKinnon from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Roth Capital boosted their price objective on shares of Columbus McKinnon from $36.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, November 2nd. BidaskClub upgraded shares of Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. 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 downgraded shares of Columbus McKinnon from a “b” rating to a “c+” rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $46.33.
Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.13. Columbus McKinnon had a net margin of 1.10% and a return on equity of 11.87%. The company had revenue of $208.73 million during the quarter, compared to the consensus estimate of $201.08 million. During the same period in the previous year, the firm earned $0.25 earnings per share. Columbus McKinnon’s revenue for the quarter was up 36.9% on a year-over-year basis. equities research analysts anticipate that Columbus McKinnon will post 2 EPS for the current year.
In other news, VP Alan S. Korman sold 1,558 shares of the company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark R. Paradowski sold 3,906 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $39.96, for a total transaction of $156,083.76. The disclosure for this sale can be found here. Insiders sold 6,225 shares of company stock valued at $247,918 over the last 90 days. Insiders own 3.91% of the company’s stock.
Several hedge funds have recently made changes to their positions in CMCO. Howe & Rusling Inc. purchased a new position in shares of Columbus McKinnon in the fourth quarter valued at $114,000. SG Americas Securities LLC purchased a new position in shares of Columbus McKinnon in the third quarter valued at $141,000. Cubist Systematic Strategies LLC purchased a new position in shares of Columbus McKinnon in the third quarter valued at $202,000. Trexquant Investment LP purchased a new position in shares of Columbus McKinnon in the third quarter valued at $212,000. Finally, WealthTrust Axiom LLC purchased a new position in shares of Columbus McKinnon in the third quarter valued at $227,000. Institutional investors and hedge funds own 84.63% of the company’s stock.
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Columbus McKinnon Company Profile
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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