Manitowoc (MTW) Trading Down 6.2% After Earnings Miss

Manitowoc Company Inc (NYSE:MTW) traded down 6.2% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $34.37 and last traded at $34.39. 872,260 shares were traded during mid-day trading, an increase of 37% from the average session volume of 636,087 shares. The stock had previously closed at $36.67.

The industrial products company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Manitowoc had a negative return on equity of 6.17% and a negative net margin of 4.01%. The business had revenue of $481.50 million during the quarter, compared to the consensus estimate of $423.27 million. During the same period last year, the company earned ($0.24) earnings per share. The business’s quarterly revenue was up 27.3% compared to the same quarter last year.

A number of equities analysts recently issued reports on the company. SunTrust Banks increased their price objective on Manitowoc to $37.00 and gave the stock a “hold” rating in a report on Wednesday, January 10th. Zacks Investment Research downgraded Manitowoc from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 21st. Jefferies Group restated a “buy” rating on shares of Manitowoc in a research report on Friday, November 10th. Stifel Nicolaus upped their target price on Manitowoc from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Finally, Royal Bank of Canada upgraded Manitowoc from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $30.00 to $48.00 in a research report on Wednesday, November 1st. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $39.64.

In other news, Director Charles David Myers bought 3,854 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was purchased at an average cost of $39.12 per share, for a total transaction of $150,768.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.82% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Manitowoc by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 10,621,323 shares of the industrial products company’s stock valued at $63,834,000 after acquiring an additional 471,356 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Manitowoc by 5.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,113,220 shares of the industrial products company’s stock valued at $82,019,000 after acquiring an additional 465,797 shares during the last quarter. State Street Corp lifted its position in shares of Manitowoc by 6.4% during the 2nd quarter. State Street Corp now owns 2,483,741 shares of the industrial products company’s stock valued at $14,926,000 after acquiring an additional 150,097 shares during the last quarter. Neuberger Berman Group LLC lifted its position in shares of Manitowoc by 5.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,332,981 shares of the industrial products company’s stock valued at $20,997,000 after acquiring an additional 116,087 shares during the last quarter. Finally, Van Den Berg Management I Inc. lifted its position in shares of Manitowoc by 18.4% during 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 acquiring an additional 278,220 shares during the last quarter.

The firm has a market capitalization of $1,210.00, a PE ratio of -25.10 and a beta of 1.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.67 and a current ratio of 1.76.

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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.

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