Magnetar Financial LLC Purchases New Stake in Columbus McKinnon Co. (NASDAQ:CMCO)

Magnetar Financial LLC purchased a new stake in shares of Columbus McKinnon Co. (NASDAQ:CMCO) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 18,274 shares of the industrial products company’s stock, valued at approximately $631,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quadrature Capital Ltd acquired a new stake in shares of Columbus McKinnon during the 4th quarter valued at approximately $987,000. Foundry Partners LLC increased its position in Columbus McKinnon by 23.9% in the first quarter. Foundry Partners LLC now owns 121,625 shares of the industrial products company’s stock worth $5,428,000 after buying an additional 23,460 shares during the period. Boston Partners acquired a new stake in Columbus McKinnon in the first quarter worth $847,000. First Eagle Investment Management LLC increased its position in Columbus McKinnon by 11.7% in the first quarter. First Eagle Investment Management LLC now owns 184,281 shares of the industrial products company’s stock worth $8,224,000 after buying an additional 19,350 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new stake in Columbus McKinnon in the first quarter worth $3,791,000. 95.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMCO has been the topic of several analyst reports. JPMorgan Chase & Co. initiated coverage on Columbus McKinnon in a research report on Tuesday, June 4th. They issued an “overweight” rating and a $53.00 target price on the stock. StockNews.com lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd.

Columbus McKinnon Price Performance

Shares of NASDAQ CMCO opened at $33.57 on Wednesday. Columbus McKinnon Co. has a 1-year low of $29.26 and a 1-year high of $45.84. The firm has a market capitalization of $968.80 million, a PE ratio of 20.72 and a beta of 1.18. The business’s fifty day moving average price is $33.83 and its two-hundred day moving average price is $37.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.07 and a quick ratio of 1.20.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Columbus McKinnon had a return on equity of 9.50% and a net margin of 4.52%. The company had revenue of $239.73 million during the quarter, compared to analysts’ expectations of $241.25 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts expect that Columbus McKinnon Co. will post 3.02 EPS for the current year.

Columbus McKinnon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Friday, August 9th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.28 annualized dividend and a yield of 0.83%. Columbus McKinnon’s dividend payout ratio is currently 17.28%.

Columbus McKinnon Profile

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.