Columbus McKinnon Corp. (NASDAQ:CMCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $19.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 7.34% from the company’s current price.
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. “
Columbus McKinnon Corp. (NASDAQ:CMCO) opened at 17.70 on Monday. Columbus McKinnon Corp. has a 52 week low of $12.62 and a 52 week high of $21.63. The stock’s 50 day moving average is $17.37 and its 200 day moving average is $15.98. The company has a market capitalization of $357.45 million, a P/E ratio of 18.83 and a beta of 2.16.
Columbus McKinnon Corp. (NASDAQ:CMCO) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The firm had revenue of $149 million for the quarter, compared to the consensus estimate of $148.52 million. Columbus McKinnon Corp. had a net margin of 3.13% and a return on equity of 10.20%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. On average, equities research analysts expect that Columbus McKinnon Corp. will post $1.42 earnings per share for the current year.
In related news, VP Alan S. Korman sold 2,000 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $17.91, for a total transaction of $35,820.00. Following the completion of the transaction, the vice president now directly owns 16,142 shares of the company’s stock, valued at $289,103.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.78% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Columbus McKinnon Corp. by 0.3% in the second quarter. Royal Bank of Canada now owns 2,635,286 shares of the company’s stock valued at $37,289,000 after buying an additional 6,709 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Columbus McKinnon Corp. by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 996,568 shares of the company’s stock valued at $14,101,000 after buying an additional 26,840 shares during the last quarter. Macquarie Group Ltd. boosted its position in Columbus McKinnon Corp. by 23.5% in the second quarter. Macquarie Group Ltd. now owns 882,563 shares of the company’s stock valued at $12,488,000 after buying an additional 167,930 shares during the last quarter. Vanguard Group Inc. boosted its position in Columbus McKinnon Corp. by 1.7% in the second quarter. Vanguard Group Inc. now owns 746,367 shares of the company’s stock valued at $10,562,000 after buying an additional 12,737 shares during the last quarter. Finally, Skyline Asset Management LP boosted its position in Columbus McKinnon Corp. by 41.0% in the first quarter. Skyline Asset Management LP now owns 570,650 shares of the company’s stock valued at $8,993,000 after buying an additional 166,000 shares during the last quarter. 82.47% of the stock is owned by institutional investors.
About Columbus McKinnon Corp.
Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, rigging tools, cranes, actuators and other material handling products serving a range of commercial and industrial end user markets. The Company’s products include a range of 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.
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