Northwestern Mutual Wealth Management Co. purchased a new position in shares of Columbus McKinnon Corp. (NASDAQ:CMCO) in the third quarter, according to its most recent filing with the SEC. The firm purchased 35,333 shares of the industrial products company’s stock, valued at approximately $1,397,000.
Other institutional investors have also modified their holdings of the company. Eqis Capital Management Inc. acquired a new stake in shares of Columbus McKinnon in the 2nd quarter valued at about $204,000. WealthTrust Axiom LLC acquired a new stake in shares of Columbus McKinnon in the 2nd quarter valued at about $216,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Columbus McKinnon in the 2nd quarter valued at about $225,000. United Services Automobile Association acquired a new stake in shares of Columbus McKinnon in the 2nd quarter valued at about $280,000. Finally, Global X Management Co LLC grew its stake in shares of Columbus McKinnon by 19.0% in the 2nd quarter. Global X Management Co LLC now owns 8,092 shares of the industrial products company’s stock valued at $351,000 after buying an additional 1,292 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.
CMCO has been the subject of several research reports. ValuEngine upgraded Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. BidaskClub downgraded Columbus McKinnon from a “hold” rating to a “sell” rating in a research note on Saturday, July 14th. Craig Hallum set a $54.00 target price on Columbus McKinnon and gave the company a “buy” rating in a research note on Tuesday, October 30th. Finally, Zacks Investment Research upgraded Columbus McKinnon from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Tuesday, October 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $47.00.
Shares of NASDAQ CMCO opened at $36.92 on Friday. Columbus McKinnon Corp. has a fifty-two week low of $29.70 and a fifty-two week high of $45.85. The stock has a market capitalization of $903.95 million, a P/E ratio of 18.37 and a beta of 1.75. The company has a current ratio of 1.85, a quick ratio of 1.05 and a debt-to-equity ratio of 0.66.
Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.08. Columbus McKinnon had a net margin of 2.49% and a return on equity of 13.88%. The business had revenue of $217.14 million for the quarter, compared to analysts’ expectations of $218.91 million. During the same quarter last year, the firm earned $0.51 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that Columbus McKinnon Corp. will post 2.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Investors of record on Friday, November 9th will be given a $0.05 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.20 annualized dividend and a yield of 0.54%. Columbus McKinnon’s payout ratio is 9.95%.
About Columbus McKinnon
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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