CMCO Looking for Direction on Heels of Board Update

Columbus McKinnon is also due to report earnings on May 26

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Columbus McKinnon Corporation (NASDAQ:CMCO) is a multinational designer, manufacturer, and marketer of intelligent motion solutions that ergonomically move, lift, position, and secure materials. CMCO’s key products include hoists, crane components, precision conveyor systems, actuators, rigging tools, light rail workstations, and digital power and motion control systems. This afternoon, CMCO was last seen trading flat at $52.38.

On May 18, the company announced the election of Michael Dastoor, Executive Vice President and Chief Financial Officer of Jabil Inc. (JBL), to its board of directors. As stated in the press release, Dastoor will serve on the Audit Committee and the Compensation and Succession Committee. Dastoor brings nearly 35 years of global experience as a financial leader for the engineering services, electronics manufacturing, and automotive industries to Columbus McKinnon's board of directors.

Furthermore, Columbus McKinnon is scheduled release its fiscal fourth-quarter results before the market opens on Wednesday, May 26. Columbus McKinnon has beat earnings expectations on all four of its latest earnings reports. For the fourth quarter of fiscal 2020, CMCO beat analyst estimates by a margin of $0.12 and reported an earnings per share (EPS) of $0.58. For the first quarter of fiscal 2021, Columbus McKinnon's EPS dropped to $0.07, but still beat expectations by a margin of $0.07. For the second quarter of fiscal 2021, CMCO posted an increase in earnings, rising to $0.34 per share and outperforming estimates by a margin of $0.11. For the company's third quarter of 2021, Columbus McKinnon reported an EPS of $0.26 and beat expectations by a margin of $0.10.

Columbus McKinnon stock has soared about 95% higher year-over-year. Additionally, shares of Columbus McKinnon stock are up 35.5% year-to-date, but CMCO is currently down about 8% from its 52-week high of $57.06. Columbus McKinnon also offers a $0.24 forward dividend, which is equivalent to a dividend yield of 0.46%.

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