Short Interest in Columbus McKinnon Corp. (NASDAQ:CMCO) Declines By 12.5%
Columbus McKinnon Corp. (NASDAQ:CMCO) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 905,800 shares, a decrease of 12.5% from the June 30th total of 1,035,200 shares. Currently, 4.1% of the shares of the stock are short sold. Based on an average daily volume of 122,500 shares, the days-to-cover ratio is currently 7.4 days.
Several equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Columbus McKinnon from a “sell” rating to a “hold” rating and set a $43.00 price objective on the stock in a research note on Tuesday, July 30th. ValuEngine downgraded shares of Columbus McKinnon from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, BidaskClub downgraded shares of Columbus McKinnon from a “sell” rating to a “strong sell” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $45.75.
Shares of CMCO traded down $1.73 on Wednesday, hitting $32.83. 3,063 shares of the stock traded hands, compared to its average volume of 108,205. The company has a quick ratio of 1.01, a current ratio of 1.75 and a debt-to-equity ratio of 0.50. The stock has a market cap of $816.34 million, a price-to-earnings ratio of 12.00 and a beta of 1.75. Columbus McKinnon has a 1 year low of $27.66 and a 1 year high of $44.01. The firm has a 50 day moving average price of $39.48.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Friday, August 9th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Thursday, August 8th. Columbus McKinnon’s dividend payout ratio is currently 8.76%.
In other news, VP Peter M. Mccormick sold 5,990 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $36.63, for a total value of $219,413.70. Following the sale, the vice president now directly owns 75,040 shares in the company, valued at $2,748,715.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Peter M. Mccormick sold 11,415 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $38.75, for a total transaction of $442,331.25. Following the transaction, the vice president now directly owns 67,050 shares in the company, valued at approximately $2,598,187.50. The disclosure for this sale can be found here. Insiders sold 65,797 shares of company stock worth $2,420,119 over the last quarter. Company insiders own 2.39% of the company’s stock.
Large investors have recently bought and sold shares of the business. California Public Employees Retirement System raised its stake in Columbus McKinnon by 32.2% during the first quarter. California Public Employees Retirement System now owns 54,950 shares of the industrial products company’s stock worth $1,888,000 after purchasing an additional 13,388 shares during the period. Punch & Associates Investment Management Inc. raised its stake in shares of Columbus McKinnon by 4.0% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 373,737 shares of the industrial products company’s stock valued at $12,838,000 after acquiring an additional 14,531 shares during the period. Millennium Management LLC raised its stake in shares of Columbus McKinnon by 78.9% in the 4th quarter. Millennium Management LLC now owns 123,494 shares of the industrial products company’s stock valued at $3,722,000 after acquiring an additional 54,447 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Columbus McKinnon in the 1st quarter valued at $376,000. Finally, NJ State Employees Deferred Compensation Plan raised its stake in shares of Columbus McKinnon by 20.0% in the 1st quarter. NJ State Employees Deferred Compensation Plan now owns 12,000 shares of the industrial products company’s stock valued at $412,000 after acquiring an additional 2,000 shares during the period. 97.96% of the stock is currently owned by institutional investors.
About Columbus McKinnon
Columbus McKinnon Corporation designs, manufactures, and markets hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products for commercial and industrial applications worldwide. It offers various electric chain hoists, electric wire rope hoists, hand-operated hoists, winches, lever tools, and air-powered hoists under the Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, Yale, STAHL, and other brands; below-the-hook tooling, clamps, and textile strappings; and explosion-protected hoists, as well as supplies hoist trolleys.
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