Columbus McKinnon Co. (NASDAQ:CMCO) Sees Large Growth in Short Interest

Columbus McKinnon Co. (NASDAQ:CMCO) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 712,800 shares, an increase of 44.3% from the February 28th total of 494,000 shares. Currently, 2.6% of the company’s stock are short sold. Based on an average daily volume of 550,900 shares, the short-interest ratio is presently 1.3 days.

Insider Activity at Columbus McKinnon

In other Columbus McKinnon news, Director Kathryn V. Bohl acquired 2,819 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were acquired at an average price of $17.99 per share, for a total transaction of $50,713.81. Following the acquisition, the director now owns 14,812 shares in the company, valued at $266,467.88. The trade was a 23.51 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher J. Stephens bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were acquired at an average price of $20.27 per share, with a total value of $101,350.00. Following the purchase, the director now owns 11,014 shares of the company’s stock, valued at $223,253.78. The trade was a 83.14 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 27,819 shares of company stock worth $473,064. Company insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Columbus McKinnon

Several institutional investors and hedge funds have recently made changes to their positions in CMCO. Sterling Capital Management LLC raised its position in Columbus McKinnon by 810.0% during the fourth quarter. Sterling Capital Management LLC now owns 910 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 810 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Columbus McKinnon during the 3rd quarter worth approximately $155,000. Park Avenue Securities LLC purchased a new stake in Columbus McKinnon in the 4th quarter valued at approximately $239,000. Freestone Grove Partners LP acquired a new stake in Columbus McKinnon during the 4th quarter valued at $242,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in Columbus McKinnon during the 4th quarter worth about $250,000. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CMCO shares. DA Davidson restated a “neutral” rating and set a $35.00 price objective on shares of Columbus McKinnon in a research report on Tuesday, February 18th. StockNews.com lowered Columbus McKinnon from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th.

Columbus McKinnon Price Performance

Shares of NASDAQ CMCO traded down $0.82 during trading on Friday, hitting $17.04. 494,701 shares of the company were exchanged, compared to its average volume of 295,530. The firm’s fifty day moving average price is $24.09 and its 200 day moving average price is $31.66. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.03 and a quick ratio of 1.10. The company has a market cap of $487.57 million, a price-to-earnings ratio of 51.64 and a beta of 1.31. Columbus McKinnon has a 1 year low of $15.48 and a 1 year high of $45.84.

Columbus McKinnon (NASDAQ:CMCO) last released its quarterly earnings results on Monday, February 10th. The industrial products company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.18). Columbus McKinnon had a return on equity of 8.64% and a net margin of 0.95%. On average, sell-side analysts expect that Columbus McKinnon will post 2.69 earnings per share for the current fiscal year.

Columbus McKinnon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, May 2nd. Columbus McKinnon’s dividend payout ratio (DPR) is presently 84.85%.

Columbus McKinnon Company 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.