Columbus McKinnon (NASDAQ:CMCO) Shares Gap Down – Here’s What Happened

Columbus McKinnon Co. (NASDAQ:CMCO) shares gapped down prior to trading on Wednesday . The stock had previously closed at $32.24, but opened at $30.45. Columbus McKinnon shares last traded at $30.65, with a volume of 26,783 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd.

Columbus McKinnon Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 2.07 and a quick ratio of 1.20. The stock has a 50 day moving average price of $33.29 and a 200-day moving average price of $36.36. The stock has a market capitalization of $918.67 million, a P/E ratio of 60.02 and a beta of 1.17.

Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $242.27 million for the quarter, compared to analysts’ expectations of $249.75 million. Columbus McKinnon had a return on equity of 9.50% and a net margin of 4.52%. As a group, research analysts expect that Columbus McKinnon Co. will post 3.02 EPS for the current fiscal year.

Columbus McKinnon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, November 8th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.28 annualized dividend and a yield of 0.88%. Columbus McKinnon’s payout ratio is currently 52.83%.

Hedge Funds Weigh In On Columbus McKinnon

Hedge funds have recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Columbus McKinnon in the second quarter worth $35,540,000. Harbor Capital Advisors Inc. grew its holdings in shares of Columbus McKinnon by 152.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 234,124 shares of the industrial products company’s stock worth $8,428,000 after acquiring an additional 141,502 shares during the period. Millennium Management LLC grew its holdings in shares of Columbus McKinnon by 120.3% during the 2nd quarter. Millennium Management LLC now owns 199,726 shares of the industrial products company’s stock worth $6,899,000 after acquiring an additional 109,075 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Columbus McKinnon in the 1st quarter valued at approximately $3,791,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Columbus McKinnon by 81.4% during the third quarter. Assenagon Asset Management S.A. now owns 173,245 shares of the industrial products company’s stock valued at $6,237,000 after purchasing an additional 77,721 shares in the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Company Profile

Columbus McKinnon Corporation designs, manufactures, and markets motion solutions for moving, lifting, positioning, and securing materials worldwide. It offers manual, battery, electric, and air hoists; steel, rack, and pinion jacks; winches, hydraulic jacks and tools, trolleys and its clamps, and lifting tables; skates and heavy load moving systems; material handling equipment; mobile, workplace, and jib cranes; crane components and kits; and below-the-hook lifting devices, lifting slings, and lashing systems.