Bank of America Corp DE Sells 147,331 Shares of Columbus McKinnon Corporation $CMCO

Key Points

• Bank of America cut its Columbus McKinnon stake by 82.3% in the first quarter, selling 147,331 shares and retaining 31,670 shares valued at approximately $460,000. Institutional investors collectively own 95.96% of the company.
• 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 $0.07 quarterly dividend, equivalent to a 1.5% annual yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23, versus shares opening at $18.59. Insiders also made recent purchases, including 7,500 shares bought by an executive vice president and 2,750 shares purchased by a director.

Bank of America Corp DE decreased its holdings in Columbus McKinnon Corporation (NASDAQ:CMCO - Free Report) by 82.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,670 shares of the industrial products company's stock after selling 147,331 shares during the quarter. Bank of America Corp DE owned 0.11% of Columbus McKinnon worth $460,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Empowered Funds LLC grew its stake in shares of Columbus McKinnon by 122.6% in the 1st quarter. Empowered Funds LLC now owns 262,129 shares of the industrial products company's stock valued at $3,809,000 after purchasing an additional 144,351 shares during the period. Maverick Capital Ltd. bought a new stake in Columbus McKinnon in the first quarter valued at $535,000. Quantinno Capital Management LP grew its position in Columbus McKinnon by 25.8% in the first quarter. Quantinno Capital Management LP now owns 101,139 shares of the industrial products company's stock valued at $1,470,000 after acquiring an additional 20,714 shares during the period. Lazard Asset Management LLC acquired a new position in Columbus McKinnon during the first quarter worth $2,756,000. Finally, Van Den Berg Management I Inc. lifted its holdings in shares of Columbus McKinnon by 26.2% during the first quarter. Van Den Berg Management I Inc. now owns 478,328 shares of the industrial products company's stock valued at $6,950,000 after acquiring an additional 99,309 shares during the period. 95.96% of the stock is owned by institutional investors.

Columbus McKinnon Stock Down 1.3%

Shares of NASDAQ CMCO opened at $18.59 on Wednesday. Columbus McKinnon Corporation has a 12-month low of $11.99 and a 12-month high of $24.40. The firm's 50-day simple moving average is $16.98 and its 200 day simple moving average is $15.94. 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 company has a market cap of $536.51 million, a price-to-earnings ratio of -2.49 and a beta of 1.36.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.61 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $501.27 million. During the same quarter last year, the company posted $0.50 EPS. The company's quarterly revenue was up 125.3% compared to the same quarter last year. Columbus McKinnon has set its FY 2027 guidance at 1.900-2.100 EPS. On average, research analysts expect that Columbus McKinnon Corporation will post 2.05 earnings per share for the current fiscal year.

Columbus McKinnon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, August 7th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, August 7th. Columbus McKinnon's payout ratio is -3.75%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Columbus McKinnon

In other news, EVP John Linker acquired 7,500 shares of the firm's stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $19.67 per share, for a total transaction of $147,525.00. Following the transaction, the executive vice president owned 7,500 shares of the company's stock, valued at approximately $147,525. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher Stephens acquired 2,750 shares of the firm's stock in a transaction on Thursday, August 20th. The stock was purchased at an average price of $17.14 per share, for a total transaction of $47,135.00. Following the completion of the transaction, the director directly owned 22,317 shares in the company, valued at approximately $382,513.38. The trade was a 14.05% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.09% of the stock is currently owned by corporate insiders.

Columbus McKinnon 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.

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