Manitowoc (NYSE:MTW) was downgraded by stock analysts at Citigroup from a “neutral” rating to a “sell” rating in a research note issued on Tuesday, Briefing.com Automated Import reports. They currently have a $10.00 price target on the industrial products company’s stock, down from their previous price target of $16.00. Citigroup‘s price objective indicates a potential downside of 12.13% from the stock’s previous close.
A number of other research firms have also recently weighed in on MTW. OTR Global cut Manitowoc from a “mixed” rating to a “negative” rating in a report on Tuesday, September 10th. Robert W. Baird cut Manitowoc from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $22.00 to $19.00 in a report on Monday, August 12th. Royal Bank of Canada reaffirmed a “hold” rating and set a $20.00 price target on shares of Manitowoc in a report on Tuesday, August 13th. ValuEngine raised Manitowoc from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, Dougherty & Co initiated coverage on Manitowoc in a research note on Wednesday, August 28th. They issued a “neutral” rating for the company. Three equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $16.50.
MTW stock opened at $11.38 on Tuesday. The business has a fifty day moving average price of $12.42 and a 200 day moving average price of $15.53. Manitowoc has a fifty-two week low of $10.49 and a fifty-two week high of $22.00. The stock has a market capitalization of $399.78 million, a price-to-earnings ratio of 17.78, a P/E/G ratio of 0.67 and a beta of 2.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.78 and a quick ratio of 0.70.
Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.42. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The firm had revenue of $504.70 million during the quarter, compared to analysts’ expectations of $509.51 million. During the same period last year, the firm posted $0.40 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts expect that Manitowoc will post 1.7 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the company. Firefly Value Partners LP boosted its position in shares of Manitowoc by 4.4% in the 2nd quarter. Firefly Value Partners LP now owns 3,521,603 shares of the industrial products company’s stock worth $62,685,000 after purchasing an additional 150,000 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Manitowoc by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 3,342,682 shares of the industrial products company’s stock worth $59,500,000 after purchasing an additional 65,053 shares during the last quarter. BlackRock Inc. boosted its position in shares of Manitowoc by 0.7% in the 2nd quarter. BlackRock Inc. now owns 2,479,273 shares of the industrial products company’s stock worth $44,131,000 after purchasing an additional 18,250 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Manitowoc in the 2nd quarter worth $30,401,000. Finally, Front Street Capital Management Inc. boosted its position in shares of Manitowoc by 62.9% in the 2nd quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after purchasing an additional 411,197 shares during the last quarter. Institutional investors and hedge funds own 78.78% of the company’s stock.
Manitowoc Company Profile
The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. It designs, manufactures, and distributes crawler-mounted lattice-boom cranes under the Manitowoc brand; a line of top-slewing and self-erecting tower cranes under the Potain brand; mobile telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.
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