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

Columbus McKinnon Co. (NASDAQ:CMCO)’s share 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 trading hands.

Specifically, CEO David J. Wilson purchased 31,300 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $32.02 per share, for a total transaction of $1,002,226.00. Following the acquisition, the chief executive officer now owns 31,300 shares of the company’s stock, valued at $1,002,226. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

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

Columbus McKinnon Trading Up 7.0 %

The company’s fifty day moving average is $33.18 and its 200-day moving average is $36.14. The company has a current ratio of 2.04, a quick ratio of 1.16 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $964.84 million, a P/E ratio of 63.45 and a beta of 1.19.

Columbus McKinnon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, November 8th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, November 8th. Columbus McKinnon’s dividend payout ratio is currently 52.83%.

Institutional Trading of Columbus McKinnon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in 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 worth $65,315,000 after acquiring an additional 7,465 shares during the period. Vanguard Group Inc. raised its position in shares of Columbus McKinnon by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,557,371 shares of the industrial products company’s stock valued at $69,505,000 after buying an additional 16,174 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Columbus McKinnon during the second quarter valued at about $35,540,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Columbus McKinnon by 0.3% in 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 buying an additional 3,200 shares during the period. Finally, Chartwell Investment Partners LLC increased its stake in Columbus McKinnon by 22.4% during the third quarter. Chartwell Investment Partners LLC now owns 345,855 shares of the industrial products company’s stock valued at $12,451,000 after acquiring an additional 63,331 shares during the period. Institutional investors and hedge funds own 95.96% of the company’s stock.

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.