Front Street Capital Management Inc. Invests $3.47 Million in Columbus McKinnon Corporation $CMCO

Front Street Capital Management Inc. bought a new stake in shares of Columbus McKinnon Corporation (NASDAQ:CMCO) during the 2nd quarter, HoldingsChannel reports. The firm bought 229,573 shares of the industrial products company’s stock, valued at approximately $3,473,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Columbus McKinnon in the 2nd quarter worth approximately $37,183,000. Marshall Wace LLP boosted its position in Columbus McKinnon by 698.6% in the 3rd quarter. Marshall Wace LLP now owns 726,772 shares of the industrial products company’s stock valued at $10,422,000 after buying an additional 635,770 shares during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Columbus McKinnon during the second quarter valued at about $8,242,000. AQR Capital Management LLC increased its position in shares of Columbus McKinnon by 76.8% during the fourth quarter. AQR Capital Management LLC now owns 1,108,462 shares of the industrial products company’s stock worth $19,121,000 after acquiring an additional 481,470 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Columbus McKinnon by 100.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 829,875 shares of the industrial products company’s stock worth $11,900,000 after acquiring an additional 415,275 shares in the last quarter. 95.96% of the stock is owned by institutional investors and hedge funds.

Columbus McKinnon Stock Performance

CMCO stock opened at $17.95 on Tuesday. The stock’s 50 day simple moving average is $16.17 and its 200 day simple moving average is $16.20. Columbus McKinnon Corporation has a 12-month low of $11.99 and a 12-month high of $24.40. The firm has a market cap of $518.04 million, a P/E ratio of -2.41 and a beta of 1.37. The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.34. Columbus McKinnon had a negative net margin of 21.25% and a positive return on equity of 10.02%. The firm had revenue of $531.46 million during the quarter, compared to the consensus estimate of $501.27 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. The firm’s revenue 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 research analysts predict that Columbus McKinnon Corporation will post 2.05 EPS for the current year.

Columbus McKinnon Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings cut Columbus McKinnon from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Wall Street Zen downgraded shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. DA Davidson decreased their price objective on shares of Columbus McKinnon from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, June 15th. Zacks Research raised shares of Columbus McKinnon from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Columbus McKinnon from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Two equities research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Activity

In other Columbus McKinnon news, Director Christopher J. Stephens acquired 2,750 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were purchased at an average price of $17.14 per share, for a total transaction of $47,135.00. Following the completion of the purchase, the director directly owned 22,317 shares in the company, valued at $382,513.38. The trade was a 14.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John R. Linker bought 7,500 shares of the business’s stock in a transaction on Friday, July 31st. The stock was acquired at an average cost of $19.67 per share, for a total transaction of $147,525.00. Following the acquisition, the executive vice president directly owned 7,500 shares of the company’s stock, valued at $147,525. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.09% of the company’s stock.

Columbus McKinnon Company Profile

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.