Columbus McKinnon (CMCO) Shares Up 16.3% Following Better-Than-Expected Earnings

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Shares of Columbus McKinnon Corp. (NASDAQ:CMCO) shot up 16.3% on Tuesday following a better than expected earnings announcement. The stock traded as high as $35.62 and last traded at $35.16. 551,343 shares changed hands during trading, an increase of 281% from the average session volume of 144,691 shares. The stock had previously closed at $30.24.

The industrial products company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The firm had revenue of $217.14 million for the quarter, compared to analysts’ expectations of $218.91 million. Columbus McKinnon had a return on equity of 13.04% and a net margin of 2.10%. Columbus McKinnon’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 EPS.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 19th. Shareholders of record on Friday, November 9th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, November 8th. Columbus McKinnon’s dividend payout ratio (DPR) is presently 9.95%.

A number of brokerages have commented on CMCO. ValuEngine upgraded Columbus McKinnon from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research upgraded Columbus McKinnon from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Tuesday. Craig Hallum set a $54.00 target price on Columbus McKinnon and gave the company a “buy” rating in a report on Tuesday. Finally, BidaskClub cut Columbus McKinnon from a “hold” rating to a “sell” rating in a report on Saturday, July 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Columbus McKinnon presently has a consensus rating of “Buy” and an average price target of $47.00.

Hedge funds have recently bought and sold shares of the company. Eqis Capital Management Inc. acquired a new stake in shares of Columbus McKinnon during the second quarter worth $204,000. WealthTrust Axiom LLC acquired a new stake in shares of Columbus McKinnon during the second quarter worth $216,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Columbus McKinnon during the second quarter worth $225,000. United Services Automobile Association acquired a new stake in shares of Columbus McKinnon during the second quarter worth $280,000. Finally, A.R.T. Advisors LLC acquired a new stake in shares of Columbus McKinnon during the first quarter worth $284,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

The company has a quick ratio of 1.04, a current ratio of 1.84 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $706.31 million, a PE ratio of 17.49 and a beta of 1.85.

About Columbus McKinnon (NASDAQ:CMCO)

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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