Bank of New York Mellon Corp Makes New $3.67 Million Investment in Columbus McKinnon Corporation $CMCO

Key Points

• Bank of New York Mellon purchased 242,396 shares of Columbus McKinnon, valued at approximately $3.67 million, giving it a 0.84% stake. Institutional investors and hedge funds collectively own 95.96% of the company.
• Insiders also bought shares: Director Christopher Stephens acquired 2,750 shares, while EVP John Linker purchased 7,500 shares. Insiders now own 2.09% 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. Analysts have a consensus “Moderate Buy” rating and a $23 target price, compared with a recent share price of $18.84.

Bank of New York Mellon Corp purchased a new stake in Columbus McKinnon Corporation (NASDAQ:CMCO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 242,396 shares of the industrial products company's stock, valued at approximately $3,667,000. Bank of New York Mellon Corp owned 0.84% of Columbus McKinnon as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CMCO. Vanguard Group Inc. raised its holdings in Columbus McKinnon by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,873,995 shares of the industrial products company's stock worth $26,873,000 after acquiring an additional 62,267 shares during the period. Invesco Ltd. boosted its holdings 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 valued at $25,135,000 after acquiring an additional 5,210 shares during the period. AQR Capital Management LLC boosted its holdings 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 valued at $19,121,000 after acquiring an additional 481,470 shares during the period. Millennium Management LLC grew its position in shares of Columbus McKinnon by 80.3% in the third quarter. Millennium Management LLC now owns 850,951 shares of the industrial products company's stock valued at $12,203,000 after purchasing an additional 379,096 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Columbus McKinnon by 100.2% in 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 purchasing an additional 415,275 shares during the period. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Ratings Changes

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

Columbus McKinnon Price Performance

Shares of CMCO stock opened at $18.84 on Monday. The company has a market capitalization of $543.80 million, a P/E ratio of -2.53 and a beta of 1.36. The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95. Columbus McKinnon Corporation has a 12 month low of $11.99 and a 12 month high of $24.40. The stock has a 50 day moving average of $16.82 and a two-hundred day moving average of $15.95.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last issued its earnings results 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 analyst estimates of $501.27 million. During the same period in the prior year, the company posted $0.50 earnings per share. Columbus McKinnon'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. As a group, equities analysts expect that Columbus McKinnon Corporation will post 2.05 EPS for the current year.

Columbus McKinnon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, August 7th. Columbus McKinnon's dividend payout ratio (DPR) is presently -3.75%.

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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