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Columbus McKinnon Corp. (NASDAQ:CMCO), a material handling equipment manufacturer with a market capitalization of $414 million, reported Monday that shareholders approved all management proposals at its 2025 Annual Meeting, which was held Friday. According to InvestingPro data, the company’s stock has faced significant headwinds, declining over 55% in the past year, though analysis suggests the shares are currently trading below their Fair Value. The information is based on a statement from the company’s recent SEC filing.
Shareholders elected nine directors to serve one-year terms. The directors elected were David J. Wilson, Gerald G. Colella, Chad R. Abraham, Aziz S. Aghili, Jeanne Beliveau-Dunn, Kathryn V. Bohl, Michael Dastoor, Chris J. Stephens, Jr., and Rebecca Yeung. Each director received a majority of votes cast. These leadership decisions come at a crucial time as InvestingPro analysis shows the company maintaining a 12-year track record of consistent dividend payments despite recent challenges.
An advisory vote on executive compensation passed with 18,941,348 votes in favor, 1,734,281 against, and 25,670 abstentions. There were 2,748,270 broker non-votes.
The appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2026, was ratified. The vote count was 22,692,353 in favor, 569,431 against, and 187,785 abstentions.
Shareholders also approved the elimination of certain restrictions on issuing common stock related to the conversion of Series A Cumulative Convertible Participating Preferred Shares, as required for compliance with Nasdaq Listing Rule 5635. This proposal received 19,470,889 votes for, 1,219,288 against, and 11,122 abstentions, with 2,748,270 broker non-votes.
An amendment to increase the number of authorized shares of common stock was approved, with 19,901,159 votes for, 787,147 against, and 12,993 abstentions. A related amendment to allow CD&R XII Keystone Holdings, L.P. and its affiliates to exercise preemptive rights was also approved, receiving 19,873,742 votes for, 815,154 against, and 12,403 abstentions.
A proposal to allow adjournment of the meeting, if needed to solicit additional proxies, was approved by shareholders.
All proposals and voting results were detailed in the company’s proxy statement filed June 30, 2025. The company is incorporated in New York and its shares trade on the Nasdaq Global Select Market under the symbol CMCO.
In other recent news, Columbus McKinnon Corporation reported its first-quarter earnings for fiscal year 2026, revealing an adjusted earnings per share (EPS) of $0.50, which exceeded the forecast of $0.47. Despite this earnings beat, DA Davidson maintained its Neutral rating on the company, with a price target of $15.00. The research firm also adjusted its fiscal 2026 and 2027 estimates, although Columbus McKinnon reiterated its guidance for fiscal 2026. Additionally, Columbus McKinnon announced an amendment to its accounts receivable securitization facility with Wells Fargo (NYSE:WFC) Bank, extending the maturity date to August 11, 2028, and increasing the maximum amount of revolving loans from $55 million to $60 million. The company also terminated its Employee Stock Ownership Plan (ESOP), which had been closed to new participants since 2012. As of August 1, the ESOP held approximately 131,903 shares, representing about 0.46% of the company’s issued and outstanding shares. These developments highlight Columbus McKinnon’s ongoing financial and strategic adjustments.
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