Zacks Investment Research Downgrades Manitowoc (MTW) to Hold

Manitowoc (NYSE:MTW) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Manitowoc's third-quarter orders stood at $376 million, up 21% year over year. This bodes well for fourth quarter performance. The Americas is showing emerging momentum in demand from energy and commercial construction markets. Additionally, the implementation of The Manitowoc Way to drive four key strategic priorities — margin expansion, growth, innovation and velocity — will aid Manitowoc deliver double-digit margin growth in the long term. Furthermore, the  company has outperformed the industry year to date. However, excess inventory due to cancellation of an order in India, higher input costs (particularly steel) and slowdown in mobile cranes and commercial construction projects will affect Manitowoc’s results in the near term.”

Several other brokerages also recently commented on MTW. SunTrust Banks reaffirmed a “hold” rating and set a $28.00 price objective on shares of Manitowoc in a research report on Friday, October 27th. Stifel Nicolaus raised their price objective on shares of Manitowoc from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Jefferies Group reaffirmed a “buy” rating on shares of Manitowoc in a research report on Friday, November 10th. Citigroup raised their price objective on shares of Manitowoc from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 13th. Finally, Royal Bank of Canada raised shares of Manitowoc from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $30.00 to $48.00 in a research report on Wednesday, November 1st. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $37.89.

Manitowoc (NYSE:MTW) opened at $40.20 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.76 and a quick ratio of 0.67. Manitowoc has a fifty-two week low of $21.00 and a fifty-two week high of $42.12.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.44. Manitowoc had a negative net margin of 4.01% and a negative return on equity of 6.17%. The firm had revenue of $399.40 million during the quarter, compared to analyst estimates of $385.01 million. During the same quarter last year, the business earned ($1.12) EPS. The company’s revenue was up 14.2% compared to the same quarter last year. analysts forecast that Manitowoc will post -0.19 earnings per share for the current fiscal year.

In other Manitowoc news, Director Charles David Myers purchased 3,854 shares of Manitowoc stock in a transaction that occurred on Wednesday, November 29th. The stock was acquired at an average price of $39.12 per share, with a total value of $150,768.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.82% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its position in Manitowoc by 17.1% in the 2nd quarter. Wells Fargo & Company MN now owns 151,840 shares of the industrial products company’s stock valued at $912,000 after purchasing an additional 22,133 shares during the period. Van Den Berg Management I Inc. grew its position in Manitowoc by 18.4% in the 3rd quarter. Van Den Berg Management I Inc. now owns 1,789,888 shares of the industrial products company’s stock valued at $16,109,000 after purchasing an additional 278,220 shares during the period. Sowell Financial Services LLC acquired a new stake in Manitowoc in the 3rd quarter valued at $1,128,000. The Manufacturers Life Insurance Company grew its position in Manitowoc by 5.0% in the 2nd 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 purchasing an additional 51,175 shares during the period. Finally, JHL Capital Group LLC grew its position in Manitowoc by 100.0% in the 2nd quarter. JHL Capital Group LLC now owns 1,500,000 shares of the industrial products company’s stock valued at $9,015,000 after purchasing an additional 750,000 shares during the period.

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Manitowoc 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.

Analyst Recommendations for Manitowoc (NYSE:MTW)

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