Manitowoc Company, Inc. (The) (MTW) Trading 2.2% Higher on Analyst Upgrade

Shares of Manitowoc Company, Inc. (The) (NYSE:MTW) shot up 2.2% during mid-day trading on Wednesday after J P Morgan Chase & Co upgraded the stock from an underweight rating to a neutral rating. J P Morgan Chase & Co now has a $7.00 price target on the stock, up from their previous price target of $6.00. Manitowoc Company, Inc. (The) traded as high as $8.40 and last traded at $7.97, with a volume of 1,044,152 shares trading hands. The stock had previously closed at $7.80.

Other analysts have also issued reports about the stock. Royal Bank Of Canada restated a “hold” rating and set a $6.50 price target on shares of Manitowoc Company, Inc. (The) in a research report on Thursday, June 22nd. BidaskClub downgraded shares of Manitowoc Company, Inc. (The) from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. TheStreet raised shares of Manitowoc Company, Inc. (The) from a “d” rating to a “c-” rating in a research note on Monday, August 7th. Jefferies Group LLC reaffirmed a “buy” rating and set a $9.50 price objective (up from $8.00) on shares of Manitowoc Company, Inc. (The) in a research note on Wednesday, August 9th. Finally, ValuEngine raised shares of Manitowoc Company, Inc. (The) from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $7.19.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC increased its position in Manitowoc Company, Inc. (The) by 25.0% in the second quarter. Verition Fund Management LLC now owns 36,488 shares of the industrial products company’s stock valued at $219,000 after buying an additional 7,294 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Manitowoc Company, Inc. (The) by 5.0% in the second quarter. The Manufacturers Life Insurance Company now owns 1,071,572 shares of the industrial products company’s stock valued at $6,441,000 after buying an additional 51,175 shares during the last quarter. JHL Capital Group LLC increased its position in Manitowoc Company, Inc. (The) by 100.0% in the second quarter. JHL Capital Group LLC now owns 1,500,000 shares of the industrial products company’s stock valued at $9,015,000 after buying an additional 750,000 shares during the last quarter. Southpoint Capital Advisors LP increased its position in Manitowoc Company, Inc. (The) by 29.2% in the second quarter. Southpoint Capital Advisors LP now owns 7,750,000 shares of the industrial products company’s stock valued at $46,578,000 after buying an additional 1,750,000 shares during the last quarter. Finally, State Street Corp increased its position in Manitowoc Company, Inc. (The) by 6.4% in the second quarter. State Street Corp now owns 2,483,741 shares of the industrial products company’s stock valued at $14,926,000 after buying an additional 150,097 shares during the last quarter. Institutional investors and hedge funds own 79.11% of the company’s stock.

The firm’s market cap is $1.09 billion. The firm has a 50-day moving average of $6.50 and a 200-day moving average of $6.11.

Manitowoc Company, Inc. (The) (NYSE:MTW) last released its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Manitowoc Company, Inc. (The) had a negative net margin of 14.63% and a negative return on equity of 14.85%. The company had revenue of $394.60 million for the quarter, compared to analysts’ expectations of $396.44 million. During the same quarter last year, the company earned $0.03 earnings per share. The firm’s revenue for the quarter was down 13.8% on a year-over-year basis. Analysts predict that Manitowoc Company, Inc. will post ($0.14) EPS for the current fiscal year.

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Manitowoc Company, Inc. (The) Company Profile

The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.

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