Millennium Management LLC Cuts Position in Columbus McKinnon Co. (NASDAQ:CMCO)

Millennium Management LLC decreased its position in Columbus McKinnon Co. (NASDAQ:CMCO - Free Report) by 78.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,045 shares of the industrial products company's stock after selling 96,907 shares during the quarter. Millennium Management LLC owned approximately 0.09% of Columbus McKinnon worth $970,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CMCO. Vaughan Nelson Investment Management L.P. purchased a new position in Columbus McKinnon during the fourth quarter valued at $26,416,000. Asset Management One Co. Ltd. grew its stake in shares of Columbus McKinnon by 146.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 75,857 shares of the industrial products company's stock valued at $2,840,000 after purchasing an additional 45,073 shares during the period. Raymond James Financial Inc. purchased a new stake in Columbus McKinnon during the fourth quarter valued at approximately $14,799,000. Heartland Advisors Inc. bought a new position in Columbus McKinnon in the 4th quarter worth $3,724,000. Finally, Victory Capital Management Inc. lifted its position in shares of Columbus McKinnon by 117.8% during the 4th quarter. Victory Capital Management Inc. now owns 737,250 shares of the industrial products company's stock valued at $27,455,000 after buying an additional 398,826 shares in the last quarter. 95.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Columbus McKinnon news, Director Kathryn V. Bohl acquired 2,819 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was bought at an average cost of $17.99 per share, with a total value of $50,713.81. Following the completion of the purchase, the director now directly owns 14,812 shares in the company, valued at $266,467.88. The trade was a 23.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have bought 4,819 shares of company stock worth $79,634. Company insiders own 1.98% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. DA Davidson reaffirmed a "neutral" rating and issued a $35.00 price objective on shares of Columbus McKinnon in a research note on Tuesday, February 18th. Wall Street Zen lowered Columbus McKinnon from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th.

Columbus McKinnon Trading Up 3.4%

Shares of NASDAQ CMCO traded up $0.50 during midday trading on Friday, hitting $15.35. The company's stock had a trading volume of 403,406 shares, compared to its average volume of 371,413. The business's 50 day moving average is $15.19 and its two-hundred day moving average is $25.08. The firm has a market cap of $439.50 million, a P/E ratio of 46.52 and a beta of 1.33. The company has a current ratio of 2.03, a quick ratio of 1.10 and a debt-to-equity ratio of 0.50. Columbus McKinnon Co. has a 12-month low of $11.78 and a 12-month high of $41.05.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last issued its earnings results on Wednesday, May 28th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.02. The firm had revenue of $248.00 million during the quarter, compared to analyst estimates of $250.05 million. Columbus McKinnon had a net margin of 0.95% and a return on equity of 8.64%. The business's revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 earnings per share. As a group, equities research analysts expect that Columbus McKinnon Co. will post 2.69 EPS for the current year.

Columbus McKinnon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 12th. Stockholders of record on Friday, May 2nd were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.82%. The ex-dividend date was Friday, May 2nd. Columbus McKinnon's dividend payout ratio is presently -164.71%.

About Columbus McKinnon

Columbus McKinnon Corporation designs, manufactures, and markets motion solutions for moving, lifting, positioning, and securing materials worldwide. It offers manual, battery, electric, and air hoists; steel, rack, and pinion jacks; winches, hydraulic jacks and tools, trolleys and its clamps, and lifting tables; skates and heavy load moving systems; material handling equipment; mobile, workplace, and jib cranes; crane components and kits; and below-the-hook lifting devices, lifting slings, and lashing systems.