Columbus McKinnon (NASDAQ:CMCO) Hits New 52-Week Low Following Weak Earnings

Columbus McKinnon Co. (NASDAQ:CMCO - Get Free Report)'s stock price reached a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $22.35 and last traded at $21.22, with a volume of 288987 shares changing hands. The stock had previously closed at $35.48.

The industrial products company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.18). Columbus McKinnon had a net margin of 1.51% and a return on equity of 9.20%.

Columbus McKinnon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, February 7th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.28 annualized dividend and a yield of 1.41%. Columbus McKinnon's payout ratio is 52.83%.

Analysts Set New Price Targets

CMCO has been the subject of several recent research reports. StockNews.com cut Columbus McKinnon from a "buy" rating to a "hold" rating in a research note on Tuesday. DA Davidson cut shares of Columbus McKinnon from a "buy" rating to a "neutral" rating and set a $35.00 target price on the stock. in a report on Tuesday.

Insider Activity at Columbus McKinnon

In other Columbus McKinnon news, Director Christopher J. Stephens purchased 1,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $37.34 per share, with a total value of $37,340.00. Following the completion of the acquisition, the director now directly owns 6,014 shares of the company's stock, valued at $224,562.76. This trade represents a 19.94 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

Institutional Trading of Columbus McKinnon

Several institutional investors have recently modified their holdings of the stock. Vaughan Nelson Investment Management L.P. acquired a new stake in Columbus McKinnon during the 4th quarter worth $26,416,000. State of New Jersey Common Pension Fund D grew its holdings in shares of Columbus McKinnon by 31.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 58,444 shares of the industrial products company's stock worth $2,104,000 after purchasing an additional 14,018 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Columbus McKinnon by 5.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 390,745 shares of the industrial products company's stock worth $14,067,000 after purchasing an additional 18,802 shares in the last quarter. Barclays PLC lifted its holdings in shares of Columbus McKinnon by 214.6% in the 3rd quarter. Barclays PLC now owns 52,987 shares of the industrial products company's stock valued at $1,907,000 after purchasing an additional 36,147 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Columbus McKinnon by 152.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 234,124 shares of the industrial products company's stock valued at $8,428,000 after purchasing an additional 141,502 shares during the period. Hedge funds and other institutional investors own 95.96% of the company's stock.

Columbus McKinnon Trading Down 4.9 %

The stock has a market capitalization of $569.21 million, a price-to-earnings ratio of 37.43 and a beta of 1.22. The business has a 50-day moving average of $36.65 and a 200-day moving average of $35.18. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 2.04.

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.