Manitowoc (NYSE:MTW) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Manitowoc (NYSE:MTW) from a sell rating to a hold rating in a research report sent to investors on Friday morning.

Several other analysts have also commented on the company. The Goldman Sachs Group dropped their target price on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a report on Friday, August 9th. Robert W. Baird cut their target price on shares of Manitowoc from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Friday. Barclays lowered their price target on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Manitowoc from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, Manitowoc has a consensus rating of “Hold” and a consensus price target of $12.47.

Manitowoc Trading Down 4.7 %

NYSE:MTW traded down $0.44 during mid-day trading on Friday, hitting $8.90. 492,228 shares of the stock traded hands, compared to its average volume of 270,273. Manitowoc has a 52 week low of $8.50 and a 52 week high of $17.65. The company has a quick ratio of 0.58, a current ratio of 1.89 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $312.57 million, a price-to-earnings ratio of -32.96 and a beta of 1.84. The firm’s 50 day moving average is $9.66 and its two-hundred day moving average is $10.91.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Front Street Capital Management Inc. raised its stake in Manitowoc by 8.4% in the 2nd quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock valued at $32,361,000 after purchasing an additional 217,389 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Manitowoc in the 2nd quarter valued at about $8,813,000. AQR Capital Management LLC increased its holdings in Manitowoc by 31.1% in the second quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after buying an additional 140,042 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Manitowoc by 4.3% during the first quarter. Acadian Asset Management LLC now owns 436,606 shares of the industrial products company’s stock worth $6,172,000 after purchasing an additional 18,181 shares in the last quarter. Finally, TCW Group Inc. grew its holdings in shares of Manitowoc by 65.4% during the second quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock worth $4,683,000 after purchasing an additional 160,601 shares during the last quarter. Institutional investors and hedge funds 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.