Manitowoc (NYSE:MTW) PT Lowered to $11.30

Manitowoc (NYSE:MTW) had its price objective decreased by stock analysts at The Goldman Sachs Group from $13.00 to $11.30 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “sell” rating on the industrial products company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 22.56% from the stock’s current price.

MTW has been the topic of several other research reports. StockNews.com cut shares of Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. UBS Group decreased their target price on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, June 12th. Barclays dropped their price objective on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $13.22.

Manitowoc Trading Down 9.8 %

NYSE MTW traded down $1.00 on Friday, hitting $9.22. The company’s stock had a trading volume of 739,576 shares, compared to its average volume of 274,475. The firm has a market cap of $327.69 million, a PE ratio of 12.29 and a beta of 1.91. The company has a quick ratio of 0.59, a current ratio of 1.77 and a debt-to-equity ratio of 0.63. Manitowoc has a 1-year low of $8.91 and a 1-year high of $17.65. The company’s 50-day moving average is $11.31 and its 200 day moving average is $12.85.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.24). The firm had revenue of $562.10 million for the quarter, compared to the consensus estimate of $598.00 million. Manitowoc had a return on equity of 7.33% and a net margin of 1.23%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 EPS. As a group, analysts predict that Manitowoc will post 1.27 earnings per share for the current fiscal year.

Institutional Trading of Manitowoc

Several institutional investors and hedge funds have recently bought and sold shares of MTW. Victory Capital Management Inc. purchased a new stake in shares of Manitowoc in the 2nd quarter worth about $8,813,000. TCW Group Inc. increased its position in Manitowoc by 65.4% during the second quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock valued at $4,683,000 after acquiring an additional 160,601 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Manitowoc by 44.4% in the 4th quarter. Federated Hermes Inc. now owns 386,958 shares of the industrial products company’s stock worth $6,458,000 after purchasing an additional 119,074 shares during the period. Vanguard Group Inc. boosted its stake in shares of Manitowoc by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock worth $33,223,000 after acquiring an additional 79,213 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Manitowoc by 33.6% during the second quarter. American Century Companies Inc. now owns 262,603 shares of the industrial products company’s stock valued at $3,028,000 after purchasing an additional 66,013 shares during the period. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

About Manitowoc

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.