The Manitowoc Company, Inc. (NYSE:MTW) Receives Consensus Recommendation of “Reduce” from Brokerages

The Manitowoc Company, Inc. (NYSE:MTW) has received an average rating of “Reduce” from the six research firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $13.22.

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Manitowoc from $14.00 to $12.50 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. UBS Group decreased their price objective on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating for the company in a research note on Wednesday, June 12th. Barclays cut their price objective on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. The Goldman Sachs Group decreased their target price on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating for the company in a research report on Friday, August 9th. Finally, StockNews.com lowered shares of Manitowoc from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. acquired a new stake in Manitowoc in the 2nd quarter worth about $8,813,000. Front Street Capital Management Inc. boosted its stake in shares of Manitowoc by 8.4% in the second quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock worth $32,361,000 after acquiring an additional 217,389 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Manitowoc during the second quarter worth approximately $2,385,000. TCW Group Inc. raised its stake in Manitowoc by 65.4% in the 2nd quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock valued at $4,683,000 after purchasing an additional 160,601 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Manitowoc by 31.1% in the 2nd quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after purchasing an additional 140,042 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.

Manitowoc Price Performance

Shares of MTW stock opened at $9.41 on Thursday. Manitowoc has a fifty-two week low of $8.85 and a fifty-two 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 firm has a market capitalization of $334.44 million, a price-to-earnings ratio of 12.55 and a beta of 1.85. The stock’s 50-day simple moving average is $10.45 and its 200-day simple moving average is $11.67.

Manitowoc (NYSE:MTW) last released its earnings results on Wednesday, August 7th. The industrial products company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.24). Manitowoc had a return on equity of 4.28% and a net margin of 0.40%. The company had revenue of $562.10 million for the quarter, compared to analysts’ expectations of $598.00 million. During the same period in the prior year, the firm posted $0.75 EPS. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, equities analysts forecast that Manitowoc will post 0.64 earnings per share for the current fiscal year.

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.