Columbus McKinnon (NASDAQ:CMCO) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Columbus McKinnon from a "strong sell" to a "strong-buy," while analyst sentiment overall is mixed — two Strong Buy, one Buy, one Hold and one Sell — giving a consensus rating of Moderate Buy and a consensus price target of $23.50.
• The company beat expectations last quarter with $0.62 EPS (vs. $0.61 est.) and $258.66M revenue (vs. $241.6M est.), with revenue up 10.5% year-over-year and analysts projecting about 2.69 EPS for the year.
• Insider Jon Adams sold 5,185 shares (reducing his holding by 35.6%), insiders now own 2.26% of the stock, and institutional investors control roughly 95.96% of shares outstanding.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts have also commented on CMCO. Wall Street Zen lowered 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 target on Columbus McKinnon in a report on Thursday, February 12th. Finally, JPMorgan Chase & Co. cut their price target on Columbus McKinnon from $29.00 to $27.00 and set an "overweight" rating on the stock in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.50.

Columbus McKinnon Stock Up 0.9%

NASDAQ:CMCO opened at $16.11 on Monday. Columbus McKinnon has a 1 year low of $12.50 and a 1 year high of $24.40. The company has a current ratio of 1.83, a quick ratio of 0.99 and a debt-to-equity ratio of 0.43. The stock has a market cap of $463.00 million, a price-to-earnings ratio of 76.71 and a beta of 1.39. The stock has a 50-day moving average price of $17.23 and a two-hundred day moving average price of $17.14.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last posted its earnings results on Monday, February 9th. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $258.66 million during the quarter, compared to analysts' expectations of $241.60 million. Columbus McKinnon had a return on equity of 7.41% and a net margin of 0.60%.The company's revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 earnings per share. As a group, equities analysts expect that Columbus McKinnon will post 2.69 earnings per share for the current year.

Insider Transactions at Columbus McKinnon

In related news, insider Jon Adams sold 5,185 shares of the company's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $23.28, for a total transaction of $120,706.80. Following the sale, the insider owned 9,366 shares in the company, valued at approximately $218,040.48. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.26% of the company's stock.

Institutional Trading of Columbus McKinnon

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its stake in Columbus McKinnon by 93.9% in the fourth quarter. Hsbc Holdings PLC now owns 62,097 shares of the industrial products company's stock valued at $1,080,000 after buying an additional 30,076 shares during the period. Invesco Ltd. raised its stake in Columbus McKinnon by 0.4% in the fourth quarter. Invesco Ltd. now owns 1,457,095 shares of the industrial products company's stock valued at $25,135,000 after buying an additional 5,210 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Columbus McKinnon in the fourth quarter valued at approximately $273,000. Front Street Capital Management Inc. raised its stake in Columbus McKinnon by 2.4% in the fourth quarter. Front Street Capital Management Inc. now owns 213,785 shares of the industrial products company's stock valued at $3,688,000 after buying an additional 4,918 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Columbus McKinnon in the fourth quarter valued at approximately $2,001,000. Institutional investors own 95.96% of the company's stock.

About Columbus McKinnon

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.

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