Manitowoc (NYSE:MTW) Rating Increased to Buy at Goldman Sachs Group

Manitowoc (NYSE:MTW) was upgraded by stock analysts at Goldman Sachs Group from a “sell” rating to a “buy” rating in a research report issued on Friday, MarketBeat.com reports. The firm presently has a $18.00 price objective on the industrial products company’s stock, up from their prior price objective of $12.00. Goldman Sachs Group’s target price would suggest a potential upside of 11.04% from the company’s current price.

Other research analysts have also recently issued research reports about the company. ValuEngine raised Manitowoc from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Dougherty & Co started coverage on Manitowoc in a research report on Wednesday, August 28th. They set a “neutral” rating on the stock. Zacks Investment Research cut Manitowoc from a “buy” rating to a “hold” rating and set a $17.00 price target on the stock. in a research report on Tuesday, August 13th. Shore Capital reissued a “buy” rating on shares of Manitowoc in a report on Monday, October 21st. Finally, Citigroup cut Manitowoc from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $16.00 to $10.00 in a report on Tuesday, October 15th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $16.50.

Shares of NYSE MTW traded up $2.29 during trading on Friday, reaching $16.21. 2,042,259 shares of the stock traded hands, compared to its average volume of 422,777. Manitowoc has a 52-week low of $10.49 and a 52-week high of $20.09. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.78 and a quick ratio of 0.70. The company has a 50-day moving average of $12.39 and a 200-day moving average of $14.99. The stock has a market capitalization of $501.58 million, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 0.84 and a beta of 2.16.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.20. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The firm had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $455.27 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts expect that Manitowoc will post 1.7 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new position in Manitowoc in the 3rd quarter worth about $29,000. Tower Research Capital LLC TRC increased its stake in Manitowoc by 513.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,010 shares of the industrial products company’s stock worth $63,000 after acquiring an additional 4,193 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Manitowoc by 20.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Manitowoc by 264.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 9,593 shares of the industrial products company’s stock worth $170,000 after acquiring an additional 6,961 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in Manitowoc by 104.3% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,905 shares of the industrial products company’s stock worth $177,000 after acquiring an additional 5,056 shares during the last quarter. 78.87% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Manitowoc (NYSE:MTW)

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