Columbus McKinnon (NASDAQ:CMCO) Stock Price Down 9.7%

Columbus McKinnon Corp. (NASDAQ:CMCO)’s share price dropped 9.7% during mid-day trading on Wednesday . The stock traded as low as $37.45 and last traded at $38.10, approximately 524,034 shares changed hands during trading. An increase of 336% from the average daily volume of 120,222 shares. The stock had previously closed at $42.20.

CMCO has been the topic of a number of analyst reports. ValuEngine raised shares of Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Zacks Investment Research cut shares of Columbus McKinnon from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Sidoti cut their price target on shares of Columbus McKinnon from $57.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Dougherty & Co reaffirmed a “buy” rating on shares of Columbus McKinnon in a research report on Friday, November 8th. Finally, BidaskClub raised shares of Columbus McKinnon from a “sell” rating to a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $44.80.

The firm has a market capitalization of $901.99 million, a PE ratio of 14.28 and a beta of 1.76. The company has a current ratio of 1.73, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The business has a fifty day moving average price of $39.88 and a two-hundred day moving average price of $37.83.

Columbus McKinnon (NASDAQ:CMCO) last issued its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The firm had revenue of $207.60 million during the quarter, compared to the consensus estimate of $206.68 million. Columbus McKinnon had a return on equity of 15.40% and a net margin of 6.34%. The company’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS. On average, equities analysts forecast that Columbus McKinnon Corp. will post 2.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, November 8th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.61%. The ex-dividend date was Thursday, November 7th. Columbus McKinnon’s dividend payout ratio (DPR) is presently 8.76%.

In related news, VP Mark R. Paradowski sold 1,296 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $39.83, for a total transaction of $51,619.68. Also, VP Alan S. Korman sold 5,857 shares of Columbus McKinnon stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $38.97, for a total transaction of $228,247.29. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,503 shares of company stock valued at $738,459. 2.39% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CMCO. FMR LLC boosted its stake in shares of Columbus McKinnon by 35.8% in the first quarter. FMR LLC now owns 636,200 shares of the industrial products company’s stock valued at $21,853,000 after purchasing an additional 167,700 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Columbus McKinnon in the second quarter worth $6,465,000. Wells Fargo & Company MN increased its position in shares of Columbus McKinnon by 105.7% during the second quarter. Wells Fargo & Company MN now owns 239,710 shares of the industrial products company’s stock worth $10,060,000 after acquiring an additional 123,155 shares during the period. Eagle Asset Management Inc. purchased a new stake in shares of Columbus McKinnon during the second quarter worth $5,110,000. Finally, Morgan Stanley raised its stake in shares of Columbus McKinnon by 244.7% in the second quarter. Morgan Stanley now owns 164,523 shares of the industrial products company’s stock valued at $6,905,000 after acquiring an additional 116,788 shares in the last quarter. 99.84% of the stock is currently owned by institutional investors.

Columbus McKinnon Company Profile (NASDAQ:CMCO)

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.

Read More: What is the formula for the cash asset ratio?

Receive News & Ratings for Columbus McKinnon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Columbus McKinnon and related companies with MarketBeat.com's FREE daily email newsletter.