Columbus McKinnon (NASDAQ:CMCO) Shares Gap Down to $39.26

Shares of Columbus McKinnon Co. (NASDAQ:CMCO) gapped down prior to trading on Wednesday . The stock had previously closed at $39.26, but opened at $37.49. Columbus McKinnon shares last traded at $36.51, with a volume of 7,179 shares trading hands.

Analyst Ratings Changes

CMCO has been the subject of several analyst reports. StockNews.com cut shares of Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. JPMorgan Chase & Co. initiated coverage on shares of Columbus McKinnon in a research report on Tuesday, June 4th. They set an “overweight” rating and a $53.00 price objective for the company.

Columbus McKinnon Trading Down 3.4 %

The company’s fifty day moving average is $36.40 and its two-hundred day moving average is $39.95. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 21.99 and a beta of 1.21. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.54.

Columbus McKinnon (NASDAQ:CMCO) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.62 earnings per share for the quarter, meeting the consensus estimate of $0.62. Columbus McKinnon had a net margin of 4.52% and a return on equity of 9.54%. The firm had revenue of $239.73 million for the quarter, compared to analysts’ expectations of $241.25 million. During the same quarter last year, the company earned $0.62 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, research analysts predict that Columbus McKinnon Co. will post 3.18 EPS for the current fiscal year.

Columbus McKinnon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Friday, August 9th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, August 9th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.79%. Columbus McKinnon’s dividend payout ratio (DPR) is presently 17.28%.

Insider Activity at Columbus McKinnon

In related news, Director Christopher J. Stephens bought 1,500 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were bought at an average cost of $38.71 per share, for a total transaction of $58,065.00. Following the transaction, the director now owns 1,500 shares of the company’s stock, valued at $58,065. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hillsdale Investment Management Inc. acquired a new position in Columbus McKinnon in the 1st quarter valued at about $3,791,000. Harbor Capital Advisors Inc. raised its stake in Columbus McKinnon by 273.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 92,622 shares of the industrial products company’s stock valued at $3,199,000 after purchasing an additional 67,817 shares during the last quarter. Buck Wealth Strategies LLC acquired a new position in shares of Columbus McKinnon during the 1st quarter valued at about $2,243,000. Hantz Financial Services Inc. acquired a new position in shares of Columbus McKinnon during the 2nd quarter valued at about $1,405,000. Finally, Franklin Resources Inc. increased its stake in shares of Columbus McKinnon by 1.1% during the 4th quarter. Franklin Resources Inc. now owns 2,445,843 shares of the industrial products company’s stock valued at $95,437,000 after acquiring an additional 27,039 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.

About Columbus McKinnon

Columbus McKinnon Corporation designs, manufactures, and markets intelligent motion solutions for moving, lifting, positioning, and securing materials worldwide. It offers manual hoists, electric and air hoists, winches, hydraulic jacks, trolleys and its clamps, and lifting tables; crane systems, such as mobile and jib cranes, material handling solutions, enclosed track rail systems, and crane components and kits; and rigging equipment comprising below-the-hook lifting devices, lifting slings and lashing systems, tie-downs and load binders, forestry and hand tools, and shackles.