Manitowoc Co. (MTW) PT Lowered to $4.00
Manitowoc Co. (NYSE:MTW) had its price objective cut by equities researchers at Barclays PLC from $5.00 to $4.00 in a report issued on Wednesday. The firm currently has an “equal weight” rating on the stock. Barclays PLC’s target price would indicate a potential downside of 11.89% from the company’s current price.
A number of other research firms also recently commented on MTW. Credit Suisse Group AG restated a “hold” rating and issued a $5.50 price objective on shares of Manitowoc in a report on Tuesday, August 9th. JPMorgan Chase & Co. restated a “hold” rating on shares of Manitowoc in a report on Monday, August 8th. Zacks Investment Research downgraded Manitowoc from a “buy” rating to a “sell” rating in a report on Tuesday, July 19th. Deutsche Bank AG began coverage on Manitowoc in a report on Tuesday, September 6th. They issued a “hold” rating and a $5.25 price objective on the stock. Finally, Citigroup Inc. dropped their price objective on Manitowoc from $6.00 to $5.50 and set a “neutral” rating on the stock in a report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $9.36.
Manitowoc (NYSE:MTW) traded down 0.88% during midday trading on Wednesday, reaching $4.50. 122,240 shares of the company were exchanged. The firm’s 50-day moving average price is $4.66 and its 200 day moving average price is $5.19. The stock’s market capitalization is $619.09 million. Manitowoc has a 52-week low of $4.00 and a 52-week high of $17.56.
Manitowoc (NYSE:MTW) last released its quarterly earnings data on Monday, August 8th. The company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Manitowoc had a positive return on equity of 9.23% and a negative net margin of 5.97%. The firm had revenue of $457.70 million for the quarter, compared to the consensus estimate of $466.92 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. Equities analysts predict that Manitowoc will post ($0.09) earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Wealth Advisors LLC bought a new position in shares of Manitowoc during the second quarter worth about $3,260,000. Schwab Charles Investment Management Inc. boosted its position in shares of Manitowoc by 58.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 799,061 shares of the company’s stock worth $4,355,000 after buying an additional 295,187 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Manitowoc by 41.6% in the second quarter. Legal & General Group Plc now owns 81,320 shares of the company’s stock worth $436,000 after buying an additional 23,899 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in shares of Manitowoc by 2,265.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 93,880 shares of the company’s stock worth $512,000 after buying an additional 89,911 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Manitowoc during the second quarter worth about $285,000. 78.54% of the stock is owned by hedge funds and other institutional investors.
Manitowoc Company Profile
The Manitowoc Company, Inc (MTW) is a multi-industry, capital goods manufacturer. The Company operates in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.
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