Columbus McKinnon (NASDAQ:CMCO) Stock Price Crosses Above 200 Day Moving Average After Analyst Downgrade

Columbus McKinnon Corporation (NASDAQ:CMCO)’s stock price passed above its two hundred day moving average during trading on Friday after CJS Securities upgraded the stock to a strong-buy rating. The stock has a two hundred day moving average of $16.04 and traded as high as $21.27. Columbus McKinnon shares last traded at $20.96, with a volume of 310,586 shares traded.

Other equities analysts have also issued reports about the company. Wall Street Zen raised Columbus McKinnon from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Columbus McKinnon in a research note on Wednesday, October 8th. One investment 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.00.

Hedge Funds Weigh In On Columbus McKinnon

A number of hedge funds have recently modified their holdings of CMCO. AQR Capital Management LLC raised its position in shares of Columbus McKinnon by 32.4% during the first quarter. AQR Capital Management LLC now owns 123,498 shares of the industrial products company’s stock worth $2,091,000 after purchasing an additional 30,255 shares during the period. Goldman Sachs Group Inc. raised its holdings in Columbus McKinnon by 5.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 220,847 shares of the industrial products company’s stock worth $3,739,000 after buying an additional 10,780 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Columbus McKinnon during the second quarter valued at about $308,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Columbus McKinnon by 942.5% in the second quarter. Public Employees Retirement System of Ohio now owns 8,340 shares of the industrial products company’s stock worth $127,000 after buying an additional 7,540 shares during the period. Finally, Signaturefd LLC increased its position in shares of Columbus McKinnon by 58.4% in the second quarter. Signaturefd LLC now owns 3,847 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 1,418 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Columbus McKinnon Stock Performance

The company has a quick ratio of 0.99, a current ratio of 1.81 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $602.18 million, a PE ratio of 149.72 and a beta of 1.29. The firm’s 50-day moving average price is $17.79 and its two-hundred day moving average price is $16.04.

Columbus McKinnon (NASDAQ:CMCO) last posted its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Columbus McKinnon had a net margin of 0.41% and a return on equity of 7.33%. The firm had revenue of $261.05 million during the quarter, compared to analyst estimates of $240.63 million. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue was up 7.7% on a year-over-year basis. As a group, research analysts predict that Columbus McKinnon Corporation will post 2.69 earnings per share for the current fiscal year.

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.