Manitowoc (NYSE:MTW) Price Target Cut to $12.00

Manitowoc (NYSE:MTW) had its price objective decreased by Barclays from $15.00 to $12.00 in a research note released on Monday morning, Benzinga reports. Barclays currently has an underweight rating on the industrial products company’s stock.

MTW has been the topic of a number of other reports. StockNews.com downgraded shares of Manitowoc from a buy rating to a hold rating in a research report on Thursday, February 22nd. JPMorgan Chase & Co. dropped their price target on shares of Manitowoc from $17.00 to $15.00 and set a neutral rating on the stock in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company dropped their price target on shares of Manitowoc from $17.00 to $16.00 and set an equal weight rating on the stock in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $16.83.

Manitowoc Price Performance

MTW opened at $12.79 on Monday. The company has a fifty day simple moving average of $13.41 and a 200 day simple moving average of $14.54. The firm has a market cap of $453.79 million, a price-to-earnings ratio of 11.73 and a beta of 2.04. Manitowoc has a twelve month low of $12.20 and a twelve month high of $19.81. The company has a current ratio of 1.83, a quick ratio of 0.65 and a debt-to-equity ratio of 0.59.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). The firm had revenue of $595.80 million for the quarter, compared to analyst estimates of $583.90 million. Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. Manitowoc’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.74 earnings per share. Equities research analysts expect that Manitowoc will post 1.31 EPS for the current fiscal year.

Institutional Trading of Manitowoc

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Manitowoc by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock valued at $33,223,000 after purchasing an additional 79,213 shares during the last quarter. Invesco Ltd. raised its stake in Manitowoc by 0.9% during the 3rd quarter. Invesco Ltd. now owns 1,107,733 shares of the industrial products company’s stock valued at $16,671,000 after purchasing an additional 10,177 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Manitowoc by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 773,565 shares of the industrial products company’s stock valued at $12,911,000 after purchasing an additional 46,417 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Manitowoc by 1,292.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 516,774 shares of the industrial products company’s stock valued at $8,625,000 after purchasing an additional 479,662 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in Manitowoc by 44.4% during the 4th quarter. Federated Hermes Inc. now owns 386,958 shares of the industrial products company’s stock valued at $6,458,000 after purchasing an additional 119,074 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.

Manitowoc Company Profile

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.