Short Interest in Columbus McKinnon Co. (NASDAQ:CMCO) Rises By 14.0%

Columbus McKinnon Co. (NASDAQ:CMCO - Get Free Report) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 333,500 shares, a growth of 14.0% from the July 15th total of 292,500 shares. Currently, 1.2% of the company's stock are short sold. Based on an average trading volume of 189,200 shares, the days-to-cover ratio is currently 1.8 days.

Insider Activity at Columbus McKinnon

In other news, Director Christopher J. Stephens acquired 1,500 shares of the business's stock in a transaction that occurred on Friday, May 31st. The stock was bought at an average price of $38.71 per share, with a total value of $58,065.00. Following the completion of the acquisition, the director now directly owns 1,500 shares of the company's stock, valued at approximately $58,065. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.98% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Columbus McKinnon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMCO. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Columbus McKinnon during the second quarter worth about $35,540,000. Millennium Management LLC increased its stake in shares of Columbus McKinnon by 120.3% in the second quarter. Millennium Management LLC now owns 199,726 shares of the industrial products company's stock worth $6,899,000 after acquiring an additional 109,075 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of Columbus McKinnon during the first quarter worth $3,791,000. Renaissance Technologies LLC lifted its position in Columbus McKinnon by 250.3% during the second quarter. Renaissance Technologies LLC now owns 107,885 shares of the industrial products company's stock valued at $3,726,000 after purchasing an additional 77,085 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in Columbus McKinnon by 273.4% in the second quarter. Harbor Capital Advisors Inc. now owns 92,622 shares of the industrial products company's stock valued at $3,199,000 after purchasing an additional 67,817 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company's stock.

Columbus McKinnon Stock Down 0.7 %

Shares of CMCO traded down $0.22 during mid-day trading on Friday, hitting $32.67. The company's stock had a trading volume of 145,275 shares, compared to its average volume of 160,109. The company has a current ratio of 2.07, a quick ratio of 1.25 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $942.82 million, a price-to-earnings ratio of 20.17 and a beta of 1.21. The company's 50-day moving average is $35.12 and its 200-day moving average is $39.66. Columbus McKinnon has a 52-week low of $30.29 and a 52-week high of $45.84.

Columbus McKinnon (NASDAQ:CMCO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The firm had revenue of $239.73 million for the quarter, compared to the consensus estimate of $241.25 million. Columbus McKinnon had a net margin of 4.52% and a return on equity of 9.50%. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 earnings per share. On average, equities research analysts forecast that Columbus McKinnon will post 3.18 EPS for the current fiscal year.

Columbus McKinnon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Friday, August 9th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, August 9th. Columbus McKinnon's payout ratio is 17.28%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. began coverage on shares of Columbus McKinnon in a research report on Tuesday, June 4th. They set an "overweight" rating and a $53.00 price objective on the stock. StockNews.com downgraded shares of Columbus McKinnon from a "buy" rating to a "hold" rating in a research note on Friday, August 2nd.

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.

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