Wedge Capital Management L L P NC cut its position in Columbus McKinnon Corp. (NASDAQ:CMCO) by 33.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,361 shares of the industrial products company’s stock after selling 3,649 shares during the period. Wedge Capital Management L L P NC’s holdings in Columbus McKinnon were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Columbus McKinnon by 59.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,557 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 580 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Columbus McKinnon in the second quarter worth approximately $65,000. Convergence Investment Partners LLC acquired a new stake in shares of Columbus McKinnon in the third quarter worth approximately $146,000. Paloma Partners Management Co acquired a new stake in shares of Columbus McKinnon in the second quarter worth approximately $287,000. Finally, Zebra Capital Management LLC acquired a new stake in shares of Columbus McKinnon in the second quarter worth approximately $310,000. 99.22% of the stock is currently owned by hedge funds and other institutional investors.
CMCO has been the topic of a number of research analyst reports. ValuEngine raised Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BidaskClub raised Columbus McKinnon from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 22nd. Dougherty & Co began coverage on Columbus McKinnon in a research note on Tuesday, August 27th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Sidoti lowered their price objective on Columbus McKinnon from $57.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.80.
NASDAQ CMCO traded down $1.36 on Friday, reaching $39.39. 196,700 shares of the company were exchanged, compared to its average volume of 117,975. Columbus McKinnon Corp. has a fifty-two week low of $27.66 and a fifty-two week high of $43.09. The stock has a market capitalization of $921.23 million, a P/E ratio of 14.38 and a beta of 1.72. The company has a current ratio of 1.75, a quick ratio of 1.01 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average price is $36.76 and its 200 day moving average price is $37.28.
Columbus McKinnon (NASDAQ:CMCO) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The firm had revenue of $207.60 million during the quarter, compared to analysts’ expectations of $206.68 million. Columbus McKinnon had a return on equity of 15.44% and a net margin of 6.19%. Columbus McKinnon’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. Equities research analysts forecast that Columbus McKinnon Corp. will post 3 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, November 8th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.24 annualized dividend and a dividend yield of 0.61%. Columbus McKinnon’s dividend payout ratio is currently 8.76%.
Columbus McKinnon Company Profile
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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