Columbus McKinnon (NASDAQ:CMCO) Shares Gap Up Following Insider Buying Activity

Columbus McKinnon Co. (NASDAQ:CMCO)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $31.42, but opened at $32.93. Columbus McKinnon shares last traded at $33.15, with a volume of 134,310 shares traded.

Specifically, CEO David J. Wilson acquired 31,300 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average cost of $32.02 per share, for a total transaction of $1,002,226.00. Following the purchase, the chief executive officer now owns 31,300 shares of the company’s stock, valued at approximately $1,002,226. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Columbus McKinnon from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd.

Columbus McKinnon Stock Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 2.04 and a quick ratio of 1.16. The company has a 50 day simple moving average of $33.23 and a 200-day simple moving average of $36.21. The firm has a market cap of $939.60 million, a PE ratio of 59.28 and a beta of 1.19.

Columbus McKinnon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, November 8th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.28 annualized dividend and a dividend yield of 0.85%. Columbus McKinnon’s dividend payout ratio is currently 52.83%.

Hedge Funds Weigh In On Columbus McKinnon

Several institutional investors and hedge funds have recently bought and sold shares of CMCO. Dimensional Fund Advisors LP increased its stake in shares of Columbus McKinnon by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,890,999 shares of the industrial products company’s stock valued at $65,315,000 after buying an additional 7,465 shares during the period. Vanguard Group Inc. raised its position in shares of Columbus McKinnon by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 1,557,371 shares of the industrial products company’s stock worth $69,505,000 after acquiring an additional 16,174 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Columbus McKinnon in the 2nd quarter valued at approximately $35,540,000. Allspring Global Investments Holdings LLC boosted its position in shares of Columbus McKinnon by 0.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 964,234 shares of the industrial products company’s stock valued at $33,305,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Chartwell Investment Partners LLC grew its stake in Columbus McKinnon by 22.4% in the third quarter. Chartwell Investment Partners LLC now owns 345,855 shares of the industrial products company’s stock worth $12,451,000 after purchasing an additional 63,331 shares during the period. 95.96% of the stock is currently owned by institutional investors.

About Columbus McKinnon

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.