Bank of America Corp DE Makes New Investment in Columbus McKinnon Corporation $CMCO

Key Points

• Bank of America acquired 79,648 shares of Columbus McKinnon in the second quarter, worth approximately $1.2 million and representing about 0.28% of the company. Institutional investors collectively own 95.96% of CMCO.
• Columbus McKinnon reported quarterly EPS of $0.61, beating estimates of $0.27, while revenue rose 125.3% year over year to $531.46 million. The company also declared a quarterly dividend of $0.07 per share.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $23.00, compared with the stock’s reported price of $15.94.

Bank of America Corp DE bought a new stake in Columbus McKinnon Corporation (NASDAQ:CMCO - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 79,648 shares of the industrial products company's stock, valued at approximately $1,205,000. Bank of America Corp DE owned approximately 0.28% of Columbus McKinnon as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of Columbus McKinnon by 48.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,741 shares of the industrial products company's stock worth $30,000 after acquiring an additional 565 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Columbus McKinnon in the second quarter valued at approximately $44,000. Isthmus Partners LLC increased its holdings in shares of Columbus McKinnon by 3.4% in the first quarter. Isthmus Partners LLC now owns 124,049 shares of the industrial products company's stock valued at $1,802,000 after purchasing an additional 4,063 shares in the last quarter. State of Wyoming bought a new position in Columbus McKinnon in the 2nd quarter worth approximately $66,000. Finally, Strs Ohio raised its position in Columbus McKinnon by 88.9% in the 1st quarter. Strs Ohio now owns 17,000 shares of the industrial products company's stock worth $247,000 after purchasing an additional 8,000 shares during the last quarter. 95.96% of the stock is owned by institutional investors.

Columbus McKinnon Stock Up 0.1%

NASDAQ:CMCO opened at $15.94 on Friday. Columbus McKinnon Corporation has a 12-month low of $11.99 and a 12-month high of $24.40. The company has a quick ratio of 1.00, a current ratio of 2.00 and a debt-to-equity ratio of 3.95. The firm has a market capitalization of $460.03 million, a P/E ratio of -2.14 and a beta of 1.44. The stock's fifty day simple moving average is $17.78 and its 200-day simple moving average is $15.76.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.34. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%.The business had revenue of $531.46 million during the quarter, compared to the consensus estimate of $501.27 million. During the same quarter in the prior 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. Equities research analysts expect that Columbus McKinnon Corporation will post 2 earnings per share for the current year.

Columbus McKinnon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were paid a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.8%. Columbus McKinnon's dividend payout ratio is -3.75%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

CMCO has been the topic of a number of recent research reports. Weiss Ratings lowered Columbus McKinnon from a "sell (d)" rating to a "sell (d-)" rating in a research report on Friday, July 31st. Wall Street Zen lowered Columbus McKinnon from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Zacks Research upgraded Columbus McKinnon from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their price objective on Columbus McKinnon from $25.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Finally, DA Davidson dropped their price objective on Columbus McKinnon from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $23.00.

Columbus McKinnon Profile

Columbus McKinnon Corporation is an industrial technology company that designs, manufactures and distributes products and systems used to move, lift, position and control materials. Its solutions support material handling, automation and motion-control applications across a range of industrial and commercial markets.

The company's product portfolio includes electric and manual hoists, cranes and crane components, lifting equipment, actuators, gear reducers, conveyors, precision positioning systems and related controls.

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