Magnetar Financial LLC Invests $631,000 in Columbus McKinnon Co. (NASDAQ:CMCO)

Magnetar Financial LLC bought a new position in shares of Columbus McKinnon Co. (NASDAQ:CMCO) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 18,274 shares of the industrial products company’s stock, valued at approximately $631,000. Magnetar Financial LLC owned 0.06% of Columbus McKinnon as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Columbus McKinnon during the 2nd quarter worth about $35,540,000. Sei Investments Co. boosted its holdings in Columbus McKinnon by 9.9% in the 2nd quarter. Sei Investments Co. now owns 125,492 shares of the industrial products company’s stock worth $4,334,000 after acquiring an additional 11,292 shares during the period. Inspire Investing LLC boosted its holdings in Columbus McKinnon by 26.3% in the 2nd quarter. Inspire Investing LLC now owns 10,147 shares of the industrial products company’s stock worth $350,000 after acquiring an additional 2,116 shares during the period. XTX Topco Ltd purchased a new position in Columbus McKinnon in the 2nd quarter worth approximately $223,000. Finally, First Eagle Investment Management LLC boosted its holdings in Columbus McKinnon by 3.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 189,981 shares of the industrial products company’s stock worth $6,562,000 after acquiring an additional 5,700 shares during the period. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CMCO shares. JPMorgan Chase & Co. started coverage on Columbus McKinnon in a report on Tuesday, June 4th. They issued an “overweight” rating and a $53.00 price target for the company. StockNews.com cut Columbus McKinnon from a “buy” rating to a “hold” rating in a report on Friday, August 2nd.

Columbus McKinnon Stock Performance

Shares of CMCO opened at $33.57 on Wednesday. The business’s 50 day moving average is $33.83 and its two-hundred day moving average is $37.85. Columbus McKinnon Co. has a 52-week low of $29.26 and a 52-week high of $45.84. The firm has a market cap of $968.80 million, a price-to-earnings ratio of 20.72 and a beta of 1.18. The company has a quick ratio of 1.20, a current ratio of 2.07 and a debt-to-equity ratio of 0.52.

Columbus McKinnon (NASDAQ:CMCO) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $241.25 million. During the same period in the prior year, the company posted $0.62 EPS. Columbus McKinnon’s quarterly revenue was up 1.8% on a year-over-year basis. Analysts forecast that Columbus McKinnon Co. will post 3.02 EPS for the current fiscal year.

Columbus McKinnon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, August 9th. Columbus McKinnon’s payout ratio is 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.