Robert W. Baird Lowers Manitowoc (NYSE:MTW) Price Target to $12.00

Manitowoc (NYSE:MTW) had its price objective reduced by research analysts at Robert W. Baird from $13.00 to $12.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Robert W. Baird’s target price indicates a potential upside of 28.48% from the stock’s previous close.

Several other research firms have also recently issued reports on MTW. JPMorgan Chase & Co. upped their target price on shares of Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. The Goldman Sachs Group dropped their price target on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research note on Friday, August 9th. StockNews.com cut Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. Finally, Barclays cut their price target on Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. Three investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, Manitowoc presently has a consensus rating of “Hold” and an average price target of $12.47.

Manitowoc Trading Down 9.9 %

Shares of NYSE MTW opened at $9.34 on Friday. The firm’s 50 day moving average price is $9.68 and its 200-day moving average price is $10.94. Manitowoc has a 52-week low of $8.50 and a 52-week high of $17.65. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.58 and a current ratio of 1.89. The company has a market cap of $328.02 million, a PE ratio of -34.59 and a beta of 1.84.

Manitowoc (NYSE:MTW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.18). The business had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.49 million. Manitowoc had a negative net margin of 0.40% and a positive return on equity of 2.41%. The business’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.22 earnings per share. On average, equities research analysts expect that Manitowoc will post 0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE boosted its position in shares of Manitowoc by 88.1% in the third quarter. US Bancorp DE now owns 2,834 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 1,327 shares during the period. CWM LLC boosted its holdings in Manitowoc by 97.0% in the 2nd quarter. CWM LLC now owns 3,010 shares of the industrial products company’s stock worth $35,000 after buying an additional 1,482 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Manitowoc by 4.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 39,810 shares of the industrial products company’s stock worth $563,000 after buying an additional 1,516 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in Manitowoc by 63.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,728 shares of the industrial products company’s stock valued at $55,000 after buying an additional 1,828 shares in the last quarter. Finally, Goldstein Advisors LLC grew its holdings in Manitowoc by 14.0% during the 2nd quarter. Goldstein Advisors LLC now owns 16,300 shares of the industrial products company’s stock valued at $188,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 78.66% of the company’s stock.

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.