Bank of New York Mellon Corp decreased its position in Columbus McKinnon Corp. (NASDAQ:CMCO) by 1.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 239,629 shares of the industrial products company’s stock after selling 3,950 shares during the period. Bank of New York Mellon Corp owned about 1.03% of Columbus McKinnon worth $9,475,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. United Services Automobile Association purchased a new stake in shares of Columbus McKinnon in the 2nd quarter valued at approximately $280,000. Campbell & CO Investment Adviser LLC purchased a new position in Columbus McKinnon during the 3rd quarter valued at about $332,000. WINTON GROUP Ltd increased its holdings in Columbus McKinnon by 40.1% during the 3rd quarter. WINTON GROUP Ltd now owns 11,971 shares of the industrial products company’s stock valued at $473,000 after acquiring an additional 3,428 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Columbus McKinnon by 4.9% during the 3rd quarter. Wells Fargo & Company MN now owns 34,020 shares of the industrial products company’s stock valued at $1,346,000 after acquiring an additional 1,595 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Columbus McKinnon during the 3rd quarter valued at about $1,397,000. 97.44% of the stock is owned by institutional investors.
CMCO has been the subject of several recent research reports. Craig Hallum set a $54.00 target price on shares of Columbus McKinnon and gave the company a “buy” rating in a report on Tuesday, October 30th. ValuEngine downgraded shares of Columbus McKinnon from a “hold” rating to a “sell” rating in a report on Tuesday, November 27th. Seaport Global Securities assumed coverage on shares of Columbus McKinnon in a report on Wednesday, January 23rd. They set a “buy” rating and a $42.00 price target for the company. BidaskClub raised shares of Columbus McKinnon from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 25th. Finally, Roth Capital set a $44.00 target price on shares of Columbus McKinnon and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $44.50.
Shares of CMCO stock opened at $35.94 on Wednesday. The company has a market cap of $839.38 million, a price-to-earnings ratio of 17.88 and a beta of 1.76. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.78. Columbus McKinnon Corp. has a fifty-two week low of $27.66 and a fifty-two week high of $45.85.
Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings results on Thursday, January 31st. The industrial products company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The firm had revenue of $217.42 million for the quarter, compared to analysts’ expectations of $215.05 million. Columbus McKinnon had a net margin of 3.58% and a return on equity of 14.55%. As a group, equities research analysts anticipate that Columbus McKinnon Corp. will post 2.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 11th. Stockholders of record on Friday, February 1st were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, January 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.56%. Columbus McKinnon’s dividend payout ratio is currently 9.95%.
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Columbus McKinnon Company Profile
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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