Zacks Investment Research Lowers Columbus McKinnon Corp. (CMCO) to Hold

Zacks Investment Research downgraded shares of Columbus McKinnon Corp. (NASDAQ:CMCO) from a buy rating to a hold rating in a research report report published on Friday.

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. “

Shares of Columbus McKinnon Corp. (NASDAQ:CMCO) opened at 17.70 on Friday. The firm’s 50-day moving average is $17.37 and its 200-day moving average is $15.98. Columbus McKinnon Corp. has a one year low of $12.62 and a one year high of $21.63. The stock has a market capitalization of $357.45 million, a PE ratio of 18.83 and a beta of 2.16.

Columbus McKinnon Corp. (NASDAQ:CMCO) last issued its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Columbus McKinnon Corp. had a net margin of 3.13% and a return on equity of 10.20%. The company had revenue of $149 million for the quarter, compared to analysts’ expectations of $148.52 million. During the same period in the prior year, the business earned $0.34 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Columbus McKinnon Corp. will post $1.42 earnings per share for the current fiscal year.

In other news, VP Alan S. Korman sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $17.91, for a total value of $35,820.00. Following the sale, the vice president now directly owns 16,142 shares in the company, valued at approximately $289,103.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.78% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Group LTD boosted its stake in Columbus McKinnon Corp. by 86.1% in the first quarter. BlackRock Group LTD now owns 6,702 shares of the company’s stock worth $106,000 after buying an additional 3,100 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in Columbus McKinnon Corp. by 91.8% in the second quarter. Acrospire Investment Management LLC now owns 9,185 shares of the company’s stock worth $130,000 after buying an additional 4,396 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in Columbus McKinnon Corp. during the second quarter worth $153,000. Renaissance Technologies LLC purchased a new stake in Columbus McKinnon Corp. during the first quarter worth $173,000. Finally, Citadel Advisors LLC purchased a new stake in Columbus McKinnon Corp. during the second quarter worth $223,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Columbus McKinnon Corp. Company Profile

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.

5 Day Chart for NASDAQ:CMCO

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