Columbus McKinnon Corp. (CMCO) Sees Strong Trading Volume
Shares of Columbus McKinnon Corp. (NASDAQ:CMCO) saw unusually-strong trading volume on Wednesday . Approximately 75,482 shares were traded during mid-day trading, a decline of 16% from the previous session’s volume of 89,646 shares.The stock last traded at $15.45 and had previously closed at $15.55.
Separately, Zacks Investment Research raised Columbus McKinnon Corp. from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Tuesday, June 14th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $21.00.
The stock has a market capitalization of $309.91 million and a price-to-earnings ratio of 16.01. The firm has a 50 day moving average of $15.14 and a 200 day moving average of $15.24.
Columbus McKinnon Corp. (NASDAQ:CMCO) last released its earnings results on Wednesday, June 1st. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The firm earned $155.10 million during the quarter, compared to analysts’ expectations of $164.37 million. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.45 EPS. On average, equities analysts predict that Columbus McKinnon Corp. will post $1.46 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in CMCO. Cornercap Investment Counsel Inc. increased its position in Columbus McKinnon Corp. by 47.9% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 55,315 shares of the company’s stock valued at $1,045,000 after buying an additional 17,925 shares during the period. CNA Financial Corp increased its position in shares of Columbus McKinnon Corp. by 40.4% in the fourth quarter. CNA Financial Corp now owns 60,393 shares of the company’s stock worth $1,141,000 after buying an additional 17,375 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Columbus McKinnon Corp. by 1.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 114,696 shares of the company’s stock worth $2,168,000 after buying an additional 1,684 shares during the last quarter. Rutabaga Capital Management LLC MA increased its position in shares of Columbus McKinnon Corp. by 16.9% in the fourth quarter. Rutabaga Capital Management LLC MA now owns 527,931 shares of the company’s stock worth $9,978,000 after buying an additional 76,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Columbus McKinnon Corp. by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 938,168 shares of the company’s stock worth $17,732,000 after buying an additional 13,746 shares during the last quarter.
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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