Zacks Research Downgrades Columbus McKinnon (NASDAQ:CMCO) to Hold

Columbus McKinnon (NASDAQ:CMCO) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also recently weighed in on CMCO. Wall Street Zen cut shares of Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 22nd. DA Davidson set a $20.00 price objective on shares of Columbus McKinnon in a report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Columbus McKinnon in a research report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Columbus McKinnon from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $23.50.

Columbus McKinnon Stock Down 2.9%

CMCO opened at $15.02 on Tuesday. Columbus McKinnon has a fifty-two week low of $13.31 and a fifty-two week high of $24.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.99 and a current ratio of 1.83. The company has a fifty day moving average of $15.40 and a two-hundred day moving average of $17.22. The stock has a market capitalization of $431.66 million, a price-to-earnings ratio of 71.52 and a beta of 1.39.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings data on Monday, February 9th. The industrial products company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Columbus McKinnon had a net margin of 0.60% and a return on equity of 7.41%. The company had revenue of $258.66 million during the quarter, compared to analysts’ expectations of $241.60 million. During the same quarter in the previous year, the company earned $0.56 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, research analysts expect that Columbus McKinnon will post 1.89 earnings per share for the current year.

Institutional Trading of Columbus McKinnon

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Columbus McKinnon by 3.4% in the third quarter. Vanguard Group Inc. now owns 1,873,995 shares of the industrial products company’s stock valued at $26,873,000 after purchasing an additional 62,267 shares during the period. Invesco Ltd. boosted its position in Columbus McKinnon by 0.4% during the fourth quarter. Invesco Ltd. now owns 1,457,095 shares of the industrial products company’s stock worth $25,135,000 after acquiring an additional 5,210 shares during the last quarter. AQR Capital Management LLC boosted its position in 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. Millennium Management LLC boosted its position in Columbus McKinnon by 80.3% during the third quarter. Millennium Management LLC now owns 850,951 shares of the industrial products company’s stock worth $12,203,000 after acquiring an additional 379,096 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in Columbus McKinnon by 100.2% during 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 during the last quarter. Institutional investors and hedge funds own 95.96% 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.