Columbus McKinnon (NASDAQ:CMCO) Hits New 12-Month Low After Earnings Miss

Columbus McKinnon Co. (NASDAQ:CMCO) shares reached a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $22.35 and last traded at $21.22, with a volume of 288987 shares. The stock had previously closed at $35.48.

The industrial products company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.28 dividend on an annualized basis and a yield of 1.41%. Columbus McKinnon’s dividend payout ratio is presently 52.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CMCO. DA Davidson lowered Columbus McKinnon from a “buy” rating to a “neutral” rating and set a $35.00 price objective for the company. in a research report on Tuesday. StockNews.com lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a research report on Tuesday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMCO. The Manufacturers Life Insurance Company grew its position in Columbus McKinnon by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 14,630 shares of the industrial products company’s stock worth $505,000 after acquiring an additional 646 shares in the last quarter. SG Americas Securities LLC purchased a new position in Columbus McKinnon in the third quarter worth about $244,000. Inspire Investing LLC grew its position in Columbus McKinnon by 13.9% in the third quarter. Inspire Investing LLC now owns 11,561 shares of the industrial products company’s stock worth $416,000 after acquiring an additional 1,414 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Columbus McKinnon by 14.3% in the third quarter. Wedge Capital Management L L P NC now owns 41,917 shares of the industrial products company’s stock worth $1,509,000 after acquiring an additional 5,243 shares in the last quarter. Finally, Creative Planning purchased a new position in Columbus McKinnon in the third quarter worth about $369,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Columbus McKinnon Trading Down 4.9 %

The company has a 50-day moving average of $36.25 and a 200 day moving average of $35.08. The company has a market cap of $569.21 million, a PE ratio of 37.43 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.04 and a quick ratio of 1.16.

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.