BlackRock Inc. Purchases New Holdings in Columbus McKinnon Corporation $CMCO

Key Points

• BlackRock acquired 2.46 million shares of Columbus McKinnon during the second quarter, worth approximately $37.2 million and representing an 8.52% stake. Institutional investors collectively own 95.96% of the company.
• Analyst sentiment is mixed but leans positive: JPMorgan raised its price target to $29, while Zacks upgraded the stock to “strong buy”; the consensus rating is “Moderate Buy” with an average target of $23.
• Columbus McKinnon reported quarterly EPS of $0.61, beating estimates by $0.34, while revenue rose 125.3% year over year to $531.46 million. Shares opened at $17.26, and the company continues to pay a quarterly dividend of $0.07 per share.

BlackRock Inc. acquired a new position in Columbus McKinnon Corporation (NASDAQ:CMCO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,457,542 shares of the industrial products company's stock, valued at approximately $37,183,000. BlackRock Inc. owned about 8.52% of Columbus McKinnon at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CMCO. AQR Capital Management LLC lifted its position in shares of Columbus McKinnon by 32.4% in the first quarter. AQR Capital Management LLC now owns 123,498 shares of the industrial products company's stock valued at $2,091,000 after acquiring an additional 30,255 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Columbus McKinnon by 5.1% during the first quarter. Goldman Sachs Group Inc. now owns 220,847 shares of the industrial products company's stock worth $3,739,000 after purchasing an additional 10,780 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Columbus McKinnon by 1,222.6% during the second quarter. Russell Investments Group Ltd. now owns 17,696 shares of the industrial products company's stock worth $270,000 after purchasing an additional 16,358 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Columbus McKinnon in the 2nd quarter valued at $1,658,000. Finally, Marshall Wace LLP acquired a new position in Columbus McKinnon in the 2nd quarter valued at $1,390,000. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director Christopher J. Stephens bought 2,750 shares of the company's stock in a transaction on Thursday, August 20th. The stock was bought at an average cost of $17.14 per share, with a total value of $47,135.00. Following the transaction, the director directly owned 22,317 shares in the company, valued at $382,513.38. The trade was a 14.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John R. Linker acquired 7,500 shares of the business's stock in a transaction dated Friday, July 31st. The shares were bought 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. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.09% of the company's stock.

Columbus McKinnon Stock Down 2.3%

Shares of NASDAQ:CMCO opened at $17.26 on Wednesday. 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 business has a fifty day moving average of $16.59 and a two-hundred day moving average of $16.00. The stock has a market cap of $498.12 million, a P/E ratio of -2.31 and a beta of 1.36. Columbus McKinnon Corporation has a 52-week low of $11.99 and a 52-week high of $24.40.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The industrial products company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.27 by $0.34. The business had revenue of $531.46 million for the quarter, compared to analyst estimates of $501.27 million. Columbus McKinnon had a positive return on equity of 10.02% and a negative net margin of 21.25%.The company's quarterly revenue was up 125.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 EPS. 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 year.

Columbus McKinnon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.28 annualized dividend and a yield of 1.6%. Columbus McKinnon's dividend payout ratio (DPR) is -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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