Front Street Capital Management Inc. Acquires New Position in Columbus McKinnon Corporation $CMCO

Front Street Capital Management Inc. purchased a new position in Columbus McKinnon Corporation (NASDAQ:CMCO) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 229,573 shares of the industrial products company’s stock, valued at approximately $3,473,000. Front Street Capital Management Inc. owned 0.80% of Columbus McKinnon at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CMCO. BlackRock Inc. acquired a new stake in Columbus McKinnon during the 2nd quarter valued at $37,183,000. Marshall Wace LLP raised its holdings in shares of Columbus McKinnon by 698.6% in the third quarter. Marshall Wace LLP now owns 726,772 shares of the industrial products company’s stock worth $10,422,000 after acquiring an additional 635,770 shares during the last quarter. Heartland Advisors Inc. acquired a new position in shares of Columbus McKinnon in the second quarter worth $8,242,000. AQR Capital Management LLC lifted its position in shares of Columbus McKinnon by 76.8% in 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 in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Columbus McKinnon by 100.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 829,875 shares of the industrial products company’s stock valued at $11,900,000 after acquiring an additional 415,275 shares during the last quarter. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

Columbus McKinnon Price Performance

Shares of Columbus McKinnon stock opened at $17.95 on Tuesday. The business’s fifty day moving average price is $16.17 and its 200 day moving average price is $16.20. Columbus McKinnon Corporation has a twelve month low of $11.99 and a twelve month high of $24.40. The company has a current ratio of 2.00, a quick ratio of 1.00 and a debt-to-equity ratio of 3.95. The stock has a market capitalization of $518.04 million, a P/E ratio of -2.41 and a beta of 1.37.

Columbus McKinnon (NASDAQ:CMCO) last announced 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 company had revenue of $531.46 million during 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 firm’s revenue was up 125.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. Columbus McKinnon has set its FY 2027 guidance at 1.900-2.100 EPS. As a group, research analysts anticipate 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. Investors of record on Friday, August 7th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Friday, August 7th. Columbus McKinnon’s dividend payout ratio 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.