LSV Asset Management trimmed its position in shares of Columbus McKinnon Corp. (NASDAQ:CMCO) by 13.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 48,800 shares of the industrial products company’s stock after selling 7,500 shares during the quarter. LSV Asset Management’s holdings in Columbus McKinnon were worth $1,929,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Columbus McKinnon by 3.9% during the second quarter. BlackRock Inc. now owns 1,530,023 shares of the industrial products company’s stock worth $66,342,000 after buying an additional 57,952 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Columbus McKinnon by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,517,706 shares of the industrial products company’s stock worth $65,807,000 after buying an additional 40,616 shares during the period. Macquarie Group Ltd. boosted its holdings in Columbus McKinnon by 12.2% in the second quarter. Macquarie Group Ltd. now owns 1,122,665 shares of the industrial products company’s stock valued at $48,679,000 after purchasing an additional 122,110 shares in the last quarter. Cortina Asset Management LLC boosted its holdings in Columbus McKinnon by 33.9% in the second quarter. Cortina Asset Management LLC now owns 620,728 shares of the industrial products company’s stock valued at $26,915,000 after purchasing an additional 157,129 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Columbus McKinnon by 2.0% in the second quarter. Northern Trust Corp now owns 534,090 shares of the industrial products company’s stock valued at $23,157,000 after purchasing an additional 10,476 shares in the last quarter. Hedge funds and other institutional investors own 95.57% of the company’s stock.
A number of brokerages recently issued reports on CMCO. Zacks Investment Research raised Columbus McKinnon from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Thursday, August 2nd. ValuEngine downgraded Columbus McKinnon from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Craig Hallum set a $54.00 price target on Columbus McKinnon and gave the company a “buy” rating in a report on Tuesday, October 30th. Finally, BidaskClub raised Columbus McKinnon from a “strong sell” rating to a “sell” rating in a report on Thursday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Columbus McKinnon presently has a consensus rating of “Buy” and a consensus target price of $47.00.
Columbus McKinnon (NASDAQ:CMCO) last announced its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.08. The firm had revenue of $217.14 million during the quarter, compared to the consensus estimate of $218.91 million. Columbus McKinnon had a return on equity of 13.88% and a net margin of 2.49%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 earnings per share. On average, sell-side analysts predict that Columbus McKinnon Corp. will post 2.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 19th. Stockholders of record on Friday, November 9th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend was Thursday, November 8th. Columbus McKinnon’s payout ratio is currently 9.95%.
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About Columbus McKinnon
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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