Magnetek Inc (MAG) Bought By Columbus McKinnon Corp. (CMCO) And The Hedge Funds That Profited

What does the smart money think about Columbus McKinnon Corp. (NASDAQ:CMCO) and Magnetek Inc (NASDAQ:MAG)?

According to hedge fund intelligence website Insider Monkey, Richard S. Pzena‘s Pzena Investment Management had the largest position in Columbus McKinnon Corp. (NASDAQ:CMCO), worth close to $28.7 million, accounting for 0.2% of its total 13F portfolio. Sitting in the Number two spot was Chuck Royce of Royce & Associates, with a $19.9 million position; 0.1% of its 13F portfolio was allocated to the stock. Some other hedge funds that held long positions consist of Peter Schliemann’s Rutabaga Capital Management, Julian Allen’s Spitfire Capital, and Mark Lee’s Forest Hill Capital.

Interestingly, Royce’s mutual fund was the only one to have a position in both companies as of March 31 among the funds we track, and one of only three with positions in Magnetek. In addition to the aforementioned Simons’ $8.0 million position of 207,590 shares, and Royce’s holding of 182,883 shares, Mario Gabelli’s GAMCO Investors had a position of 136,446 shares. Thomas E. Lynch’s Mill Road Capital Management was the only fund to discard a former position in Magnetek, which had consisted of 14,404 shares.

Based on the data, we can see that hedge funds certainly didn’t appear to see anything big on the horizon for Magnatek, though they were somewhat bullish on Columbus McKinnon, given that they held about 15% of the company’s outstanding shares. Nonetheless, hedge funds mostly missed out on the consolidation activity taking place in the material handling industry today, much to their chagrin.

Disclosure: None