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Columbus McKinnon Corporation (NASDAQ:CMCO) announced Monday that its Board of Directors’ Human Capital, Compensation & Succession Committee has approved the termination of the company’s Employee Stock Ownership Plan (ESOP), effective the same day. The information was disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission.
As of August 1, the ESOP held approximately 131,903 shares of Columbus McKinnon’s common stock, which represents about 0.46% of the company’s issued and outstanding shares, along with roughly $388,000 in cash. The ESOP has been closed to new participants since January 1, 2012, and the final allocation was made to participants as of March 31, 2015. All participants have been fully vested in their accounts since that date.
According to the filing, the following allocations from the ESOP were made to named executive officers: Gregory P. Rustowicz, Executive Vice President – Finance and Chief Financial Officer, was allocated 242 shares and $672.05 in cash. Alan S. Korman, Senior Vice President, General Counsel, Corporate Development and Secretary, was allocated 302 shares and $828.19 in cash. The cash amounts are as of March 31, 2025, which is the most recent valuation date.
Following the termination, vested account balances will be distributed to ESOP participants. Participants may elect to receive their vested balance directly or roll it over into the company’s qualified 401(k) plan, an individual retirement account, or another eligible retirement plan. The company anticipates that distributions to ESOP participants will occur in October 2025.
Columbus McKinnon is incorporated in New York and its common stock is traded on the Nasdaq Global Select Market under the symbol CMCO. This summary is based on a press release statement and the company’s SEC filing.
In other recent news, Columbus McKinnon Corporation reported its first-quarter earnings for fiscal year 2026, achieving 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 Columbus McKinnon, with a price target set at $15.00. The research firm also adjusted its fiscal 2026 and 2027 estimates for the company, even though Columbus McKinnon reiterated its guidance for fiscal 2026. These developments come as the company continues to navigate market conditions and investor sentiment. The latest earnings call highlighted the company’s performance and ongoing financial strategies. Analyst feedback from firms like DA Davidson provides insight into the stock’s current evaluation. These recent updates are crucial for investors monitoring Columbus McKinnon’s financial health and market position.
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