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Christopher J. Stephens, a director of Columbus McKinnon Corp (NASDAQ:CMCO), recently acquired 5,000 shares of the company's common stock. The purchase, made on February 13, was executed at a price of $20.27 per share, totaling approximately $101,350. This insider purchase comes as the stock trades near its 52-week low of $19.55, having declined over 50% in the past year. Following this transaction, Stephens now holds 11,014 shares directly. The company, which operates in the construction machinery and equipment sector, continues to be monitored by investors for such insider activities. According to InvestingPro analysis, the stock appears undervalued with strong fundamentals, including a healthy current ratio of 2.03. Additional insights and detailed insider trading patterns are available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Columbus McKinnon Corp. has made a significant move with its announcement to acquire Kito Crosby Ltd., a deal valued at $2.7 billion. The acquisition, expected to enhance Columbus McKinnon's scale and geographic diversity, has drawn attention from rating agencies. S&P Global Ratings has placed Columbus McKinnon's 'B+' issuer credit rating on CreditWatch with negative implications due to an anticipated increase in leverage. Conversely, Moody's (NYSE:MCO) Ratings has put Kito Crosby's ratings under review for a possible upgrade, citing the benefits of merging with a higher rated entity like Columbus McKinnon.
However, Moody's has also placed Columbus McKinnon's ratings under review for potential downgrade, focusing on the company's high financial leverage at transaction close and integration risk. The ratings under review include the Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, and the Ba2 senior secured first lien bank credit facility ratings.
Meanwhile, DA Davidson analyst Matt Summerville has downgraded Columbus McKinnon from Buy to Neutral, setting a price target of $35.00. This shift reflects concerns over the increased leverage, deal complexity, and ownership structure following the acquisition announcement. These developments are part of the latest news surrounding Columbus McKinnon and Kito Crosby.
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