Columbus McKinnon Co. (NASDAQ:CMCO – Get Free Report) saw a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 305,500 shares, a decrease of 18.0% from the June 15th total of 372,500 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 166,400 shares, the days-to-cover ratio is presently 1.8 days.
Columbus McKinnon Price Performance
Shares of NASDAQ:CMCO traded up $0.10 during midday trading on Friday, hitting $34.35. 163,576 shares of the stock were exchanged, compared to its average volume of 210,321. The stock has a market cap of $991.34 million, a P/E ratio of 21.20 and a beta of 1.21. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.54. Columbus McKinnon has a twelve month low of $30.29 and a twelve month high of $45.84. The company has a 50 day moving average price of $38.49 and a 200-day moving average price of $39.99.
Columbus McKinnon (NASDAQ:CMCO – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.09). Columbus McKinnon had a return on equity of 9.59% and a net margin of 4.60%. The firm had revenue of $265.50 million for the quarter, compared to analyst estimates of $264.85 million. During the same period last year, the firm earned $0.80 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, research analysts forecast that Columbus McKinnon will post 3.18 earnings per share for the current year.
Insider Buying and Selling at Columbus McKinnon
In other Columbus McKinnon news, Director Christopher J. Stephens purchased 1,500 shares of Columbus McKinnon stock in a transaction dated Friday, May 31st. The shares were acquired at an average price of $38.71 per share, with a total value of $58,065.00. Following the completion of the transaction, the director now owns 1,500 shares of the company’s stock, valued at $58,065. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.98% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new position in Columbus McKinnon in the 4th quarter valued at about $987,000. Assenagon Asset Management S.A. raised its stake in Columbus McKinnon by 56.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 133,751 shares of the industrial products company’s stock valued at $5,219,000 after purchasing an additional 48,275 shares during the last quarter. Moody National Bank Trust Division grew its holdings in Columbus McKinnon by 23.1% in the 4th quarter. Moody National Bank Trust Division now owns 9,426 shares of the industrial products company’s stock valued at $368,000 after buying an additional 1,766 shares during the period. Truist Financial Corp grew its holdings in Columbus McKinnon by 2.2% in the 4th quarter. Truist Financial Corp now owns 66,726 shares of the industrial products company’s stock valued at $2,604,000 after buying an additional 1,424 shares during the period. Finally, Cascade Investment Advisors Inc. grew its holdings in Columbus McKinnon by 5.7% in the 4th quarter. Cascade Investment Advisors Inc. now owns 27,625 shares of the industrial products company’s stock valued at $1,078,000 after buying an additional 1,495 shares during the period. Institutional investors and hedge funds own 95.96% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of Columbus McKinnon from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. JPMorgan Chase & Co. began coverage on shares of Columbus McKinnon in a research report on Tuesday, June 4th. They issued an “overweight” rating and a $53.00 price objective on the stock.
Columbus McKinnon Company Profile
Columbus McKinnon Corporation designs, manufactures, and markets intelligent motion solutions for moving, lifting, positioning, and securing materials worldwide. It offers manual hoists, electric and air hoists, winches, hydraulic jacks, trolleys and its clamps, and lifting tables; crane systems, such as mobile and jib cranes, material handling solutions, enclosed track rail systems, and crane components and kits; and rigging equipment comprising below-the-hook lifting devices, lifting slings and lashing systems, tie-downs and load binders, forestry and hand tools, and shackles.