Sidoti Upgrades Columbus McKinnon (NASDAQ:CMCO) to Buy
Columbus McKinnon (NASDAQ:CMCO) was upgraded by stock analysts at Sidoti from a “neutral” rating to a “buy” rating in a research report issued on Friday, Marketbeat reports. The firm currently has a $42.00 price target on the industrial products company’s stock, up from their prior price target of $28.00. Sidoti’s target price suggests a potential upside of 26.77% from the company’s previous close.
Several other brokerages have also recently issued reports on CMCO. Zacks Investment Research raised Columbus McKinnon from a “strong sell” rating to a “hold” rating and set a $38.00 price objective on the stock in a report on Tuesday, July 28th. BidaskClub raised shares of Columbus McKinnon from a “sell” rating to a “hold” rating in a research note on Monday, June 29th. TheStreet upgraded shares of Columbus McKinnon from a “c+” rating to a “b-” rating in a research report on Wednesday, July 22nd. Craig Hallum lowered their price target on shares of Columbus McKinnon from $48.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Finally, Barrington Research boosted their price objective on Columbus McKinnon from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $38.17.
Shares of NASDAQ:CMCO opened at $33.13 on Friday. The firm has a market cap of $789.29 million, a price-to-earnings ratio of 20.84, a P/E/G ratio of 3.09 and a beta of 1.61. The firm has a fifty day moving average price of $32.36 and a 200 day moving average price of $30.60. Columbus McKinnon has a fifty-two week low of $19.20 and a fifty-two week high of $42.33. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.64 and a current ratio of 2.46.
A number of hedge funds and other institutional investors have recently made changes to their positions in CMCO. Franklin Resources Inc. bought a new position in shares of Columbus McKinnon during the fourth quarter valued at approximately $22,823,000. Invesco Ltd. raised its stake in shares of Columbus McKinnon by 773.1% during the first quarter. Invesco Ltd. now owns 255,610 shares of the industrial products company’s stock valued at $6,390,000 after acquiring an additional 226,334 shares in the last quarter. FMR LLC raised its stake in shares of Columbus McKinnon by 35.8% during the first quarter. FMR LLC now owns 636,200 shares of the industrial products company’s stock valued at $21,853,000 after acquiring an additional 167,700 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Columbus McKinnon by 16.7% in the first quarter. Nuveen Asset Management LLC now owns 319,418 shares of the industrial products company’s stock valued at $7,986,000 after purchasing an additional 45,721 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in Columbus McKinnon by 10.0% in the first quarter. Lord Abbett & CO. LLC now owns 470,738 shares of the industrial products company’s stock worth $11,768,000 after purchasing an additional 42,600 shares in the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.
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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