Columbus McKinnon (NASDAQ:CMCO) Shares Gap Up – Time to Buy?

Shares of Columbus McKinnon Corporation (NASDAQ:CMCO) gapped up prior to trading on Tuesday . The stock had previously closed at $17.95, but opened at $18.69. Columbus McKinnon shares last traded at $17.9570, with a volume of 11,946 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on CMCO shares. Weiss Ratings cut shares of Columbus McKinnon from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. DA Davidson reduced their target price on shares of Columbus McKinnon from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, June 15th. Zacks Research raised shares of Columbus McKinnon from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Columbus McKinnon from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Columbus McKinnon presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Columbus McKinnon Trading Down 0.5%

The company has a debt-to-equity ratio of 3.95, a current ratio of 2.00 and a quick ratio of 1.00. The company has a market cap of $515.58 million, a price-to-earnings ratio of -2.40 and a beta of 1.37. The business has a 50 day simple moving average of $16.17 and a 200 day simple moving average of $16.20.

Columbus McKinnon (NASDAQ:CMCO) last announced its earnings results on Thursday, July 30th. The industrial products company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.27 by $0.34. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%.The company had revenue of $531.46 million for the quarter, compared to analysts’ expectations of $501.27 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 125.3% on a year-over-year basis. Columbus McKinnon has set its FY 2027 guidance at 1.900-2.100 EPS. As a group, equities analysts forecast that Columbus McKinnon Corporation will post 2.05 EPS for the current year.

Columbus McKinnon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.6%. Columbus McKinnon’s dividend payout ratio is currently -3.75%.

Insider Activity

In related news, Director Christopher J. Stephens bought 2,750 shares of Columbus McKinnon stock in a transaction dated Thursday, August 20th. The shares were bought at an average cost of $17.14 per share, for a total transaction of $47,135.00. Following the completion of the transaction, the director owned 22,317 shares of the company’s stock, valued at approximately $382,513.38. This trade represents a 14.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John R. Linker acquired 7,500 shares of Columbus McKinnon stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $19.67 per share, for a total transaction of $147,525.00. Following the acquisition, the executive vice president owned 7,500 shares in the company, valued at approximately $147,525. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Columbus McKinnon

Several large investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in Columbus McKinnon by 290.1% in the second quarter. California State Teachers Retirement System now owns 5,976 shares of the industrial products company’s stock valued at $90,000 after acquiring an additional 4,444 shares during the last quarter. Readystate Asset Management LP bought a new stake in Columbus McKinnon during the 2nd quarter worth about $675,000. Van Den Berg Management I Inc. raised its holdings in Columbus McKinnon by 11.8% during the 2nd quarter. Van Den Berg Management I Inc. now owns 534,610 shares of the industrial products company’s stock worth $8,089,000 after purchasing an additional 56,282 shares during the last quarter. Hsbc Holdings PLC lifted its position in Columbus McKinnon by 18.2% during the 2nd quarter. Hsbc Holdings PLC now owns 53,933 shares of the industrial products company’s stock valued at $797,000 after purchasing an additional 8,292 shares during the period. Finally, Empowered Funds LLC acquired a new position in Columbus McKinnon during the 2nd quarter valued at about $4,011,000. Institutional investors and hedge funds own 95.96% of the company’s stock.

About Columbus McKinnon

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.