OTR Global downgraded shares of Manitowoc (NYSE:MTW) from a mixed rating to a negative rating in a research note released on Tuesday morning, BenzingaRatingsTable reports.

Several other brokerages also recently commented on MTW. Robert W. Baird downgraded Manitowoc from an outperform rating to a neutral rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Monday, August 12th. Royal Bank of Canada restated a hold rating and issued a $20.00 price target on shares of Manitowoc in a research note on Tuesday, August 13th. Zacks Investment Research downgraded Manitowoc from a buy rating to a hold rating and set a $17.00 price target for the company. in a research note on Tuesday, August 13th. Citigroup set a $16.00 price target on Manitowoc and gave the company a hold rating in a research note on Friday, August 23rd. Finally, Dougherty & Co initiated coverage on Manitowoc in a research note on Wednesday, August 28th. They issued a neutral rating for the company. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $18.00.

Shares of NYSE MTW traded up $0.20 during midday trading on Tuesday, hitting $13.90. 1,273 shares of the company’s stock were exchanged, compared to its average volume of 414,649. The company has a quick ratio of 0.70, a current ratio of 1.78 and a debt-to-equity ratio of 0.56. Manitowoc has a 12 month low of $11.47 and a 12 month high of $26.88. The company’s 50 day moving average price is $14.80 and its 200 day moving average price is $16.38. The firm has a market capitalization of $476.13 million, a PE ratio of 21.59, a price-to-earnings-growth ratio of 0.79 and a beta of 2.18.

Manitowoc (NYSE:MTW) last issued its earnings results on Thursday, August 8th. The industrial products company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.42. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The company had revenue of $504.70 million during the quarter, compared to the consensus estimate of $509.51 million. During the same period in the previous year, the company posted $0.40 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that Manitowoc will post 1.7 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Manitowoc by 20.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock worth $84,000 after buying an additional 800 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Manitowoc by 16.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,666 shares of the industrial products company’s stock worth $205,000 after buying an additional 1,648 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Manitowoc by 1.0% during the 2nd quarter. Northern Trust Corp now owns 436,493 shares of the industrial products company’s stock worth $7,770,000 after buying an additional 4,232 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Manitowoc by 34.6% during the 2nd quarter. Royal Bank of Canada now owns 16,837 shares of the industrial products company’s stock worth $300,000 after buying an additional 4,327 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of Manitowoc by 7.5% during the 2nd quarter. Swiss National Bank now owns 66,250 shares of the industrial products company’s stock worth $1,179,000 after buying an additional 4,600 shares in the last quarter. 80.26% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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Analyst Recommendations for Manitowoc (NYSE:MTW)

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