Columbus McKinnon Corporation (NASDAQ:CMCO) has been the object of insider selling activity recently. Alan S. Korman, VP, Gen’l Counsel & Secretary disclosed the sale of 1,000 shares. The shares were purchased at an average price of $28.71. Korman now owns $383,604 of the stock according to the SEC filing. VP, Gen’l Counsel & Secretary Alan S. Korman sold 500 shares at an average price of $27.72 on June 6th. That brings Korman’s holdings to $398,096 as reported to the SEC.
Alan S. Korman, VP, Gen’l Counsel & Secretary sold $81,030 worth of shares at a price of $27.01 on Fri the 2nd. That brings the VP, Gen’l Counsel & Secretary’s holdings to $401,405 per an SEC filing yesterday.
Columbus McKinnon Corporation, launched on October 23, 1929, is a global designer, manufacturer and marketer of hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products serving various commercial and industrial end user markets. The Business’s products include various electric, air-powered, lever, and hand hoists, hoist trolleys, winches, industrial crane systems, such as steel bridge, gantry and jib cranes and aluminum work station cranes; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, logging tools and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters and tire shredders; power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems. These products are typically manufactured for stock or assembled to order from standard components and are sold primarily through various commercial distributors and to a lesser extent, directly to end users. The diverse end users of its products are in various industries, including manufacturing, power generation and distribution, utilities, wind power, warehouses, commercial construction, oil and gas exploration and refining, petrochemical, marine, ship building, transportation and heavy duty trucking, agriculture, logging and mining. It also serves entertainment industry, including permanent and traveling concerts, live theater and sporting venues..
These firms have also modified their investment in CMCO. As of quarter end Morgan Stanley had bought 45 shares growing its stake by 125.0%. The value of the investment in CMCO went from $1,000 to $2,000 increasing 100.0% quarter to quarter. Goldman Sachs Group Inc added to its ownership by buying 25,647 shares an increase of 166.5%. Goldman Sachs Group Inc owns 41,052 shares with a value of $1,019,000. The value of the position overall is up by 144.4%.
Macquarie Group Ltd augmented its stake by buying 80,284 shares an increase of 10.5% in the quarter. Macquarie Group Ltd claims 845,460 shares valued at $20,984,000. The total value of its holdings increased 1.4%. Cna Financial Corp trimmed its investment by shedding 19,087 shares a decrease of 58.9% as of 03/31/2017. Cna Financial Corp now holds 13,325 shares worth $331,000. The total value of its holdings decreased 62.2%.
On January 15, 2016 the stock rating was set at “Neutral” in a report from Seaport Global which is down from the previous “Accumulate” rating. On July 28 the company was upgraded to “Buy” from “Neutral” by analysts at Sidoti & Co..
June 1 investment analysts at BB&T Capital maintained a stock rating of “Buy” but lowered the price expectation to $28.00 from $31.00. On October 27 the stock rating was upgraded from “Neutral” to “Accumulate” and a price target of $28.00 was set in an announcement from Global Hunter.
Global Hunter upgraded the stock and raised the price target on October 27 changing the price target from $23.00 to $28.00 and changing the rating from “Neutral” to “Accumulate”. On July 31 the company was upgraded to “Market Outperform” from “Market Perform” with a current price target of $34.00 by CJS Securities.
The company is down from yesterday’s close of $29.12. The company also announced a dividend for shareholders paid on Monday the 15th of May 2017. The dividend payment was $0.040 per share for the quarter or $0.16 annualized. This dividend represents a yield of $0.55. The ex-dividend date was set for Wednesday the 3rd of May 2017.
It is currently trading at $28.65 a bit higher than the 50 day moving average of $25.82 and barely above the 200 day moving average of $26.09. The 50 day moving average was up by +10.82% and the 200 day average moved up $2.52.
The company’s P/E ratio is 66.53 and the market value is 646.47M. In the latest earnings report the EPS was $0.43 and is expected to be $1.69 for the current year with 22,596,000 shares outstanding. Analysts expect next quarter’s EPS to be $0.40 with next year’s EPS anticipated to be $2.06.
Investors are a little more bearish of late if you put credence in the uptick in short interest. The firm realized a rise in short interest of 0.10% as of the latest report on April 28, 2017. Short shares grew from 833,528 to 834,350 over that period. With short interest at 834,350 and short average daily volume at 95,596, the short-interest ratio is 8.7 and the percentage of shorted shares was 0.04% on April 28.