Manitowoc Company, Inc. (The) (NYSE:MTW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Manitowoc's second-quarter orders are pegged at $379.5 million, up 9% year over year despite challenging end markets. The overall global market sentiment for lattice boom crawlers and rough-terrain cranes remains soft in the quarter. Demand continues to be muted in the Americas and the Middle East region due to weak rental and used equipment. However, Manitowoc is making significant progress in the implementation of The Manitowoc Way to drive four key strategic priorities – margin expansion, growth, innovation and velocity that will aid it deliver double-digit margin growth in the long term. The company has outperformed the industry year-to-date. Its estimates have gone up lately.”

Several other brokerages have also commented on MTW. BidaskClub lowered shares of Manitowoc Company, Inc. (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Royal Bank Of Canada restated a “hold” rating and set a $6.50 target price on shares of Manitowoc Company, Inc. (The) in a research report on Thursday, June 22nd. Deutsche Bank AG restated a “hold” rating and set a $6.25 target price on shares of Manitowoc Company, Inc. (The) in a research report on Tuesday, July 4th. ValuEngine upgraded shares of Manitowoc Company, Inc. (The) from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Finally, Jefferies Group LLC restated a “buy” rating and set a $9.50 target price on shares of Manitowoc Company, Inc. (The) in a research report on Thursday, September 21st. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $7.46.

Manitowoc Company, Inc. (MTW) traded down 0.64% during trading on Wednesday, reaching $9.29. 256,086 shares of the company’s stock traded hands. The stock’s market cap is $1.31 billion. Manitowoc Company, Inc. has a one year low of $3.65 and a one year high of $9.97. The firm’s 50 day moving average price is $8.40 and its 200-day moving average price is $6.66.

Manitowoc Company, Inc. (The) (NYSE:MTW) last issued its earnings results on Monday, August 7th. The industrial products company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company had revenue of $394.60 million for the quarter, compared to analyst estimates of $396.44 million. Manitowoc Company, Inc. (The) had a negative net margin of 14.63% and a negative return on equity of 14.85%. The business’s revenue was down 13.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. On average, equities analysts anticipate that Manitowoc Company, Inc. will post ($0.14) earnings per share for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC boosted its position in shares of Manitowoc Company, Inc. (The) by 25.0% in the 2nd quarter. Verition Fund Management LLC now owns 36,488 shares of the industrial products company’s stock worth $219,000 after buying an additional 7,294 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Manitowoc Company, Inc. (The) by 5.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,071,572 shares of the industrial products company’s stock worth $6,441,000 after buying an additional 51,175 shares in the last quarter. JHL Capital Group LLC boosted its position in shares of Manitowoc Company, Inc. (The) by 100.0% in the 2nd quarter. JHL Capital Group LLC now owns 1,500,000 shares of the industrial products company’s stock worth $9,015,000 after buying an additional 750,000 shares in the last quarter. Southpoint Capital Advisors LP boosted its position in shares of Manitowoc Company, Inc. (The) by 29.2% in the 2nd quarter. Southpoint Capital Advisors LP now owns 7,750,000 shares of the industrial products company’s stock worth $46,578,000 after buying an additional 1,750,000 shares in the last quarter. Finally, State Street Corp raised its stake in Manitowoc Company, Inc. (The) by 6.4% in the 2nd quarter. State Street Corp now owns 2,483,741 shares of the industrial products company’s stock valued at $14,926,000 after purchasing an additional 150,097 shares during the last quarter. Institutional investors and hedge funds own 80.98% of the company’s stock.

Manitowoc Company, Inc. (The) Company Profile

The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.

Analyst Recommendations for Manitowoc Company, Inc. (The) (NYSE:MTW)

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