CMCO - The Downturn Is Hitting Columbus McKinnon Hard But The Company Is Holding Up Well
Material handling specialist Columbus McKinnon (CMCO) has done okay since my last update, with the shares slightly outperforming the broader industrial space. Relative to many of those peers, Columbus McKinnon has relatively lower short-cycle recovery exposure, but the company should benefit from recoveries in markets like autos and from a capex investment cycle in markets like steel. Valuation remains attractive, and I believe the Street continues to overlook this smaller name leveraged to increasing automation investment on factory floors.
A Better Than Expected Quarter, But Still Tough Overall
Expectations were low for