Manitowoc (NYSE:MTW) Sees Large Volume Increase on Earnings Beat
Shares of Manitowoc Company Inc (NYSE:MTW) saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 2,049,008 shares traded hands during mid-day trading, an increase of 385% from the previous session’s volume of 422,777 shares.The stock last traded at $16.21 and had previously closed at $13.92.
The industrial products company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.20. The firm had revenue of $448.00 million during the quarter, compared to the consensus estimate of $455.27 million. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share.
MTW has been the subject of several recent research reports. Citigroup downgraded Manitowoc from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $16.00 to $10.00 in a report on Tuesday, October 15th. Goldman Sachs Group upgraded Manitowoc from a “sell” rating to a “buy” rating and lifted their target price for the company from $12.00 to $18.00 in a research note on Friday. OTR Global lowered Manitowoc from a “mixed” rating to a “negative” rating in a research note on Tuesday, September 10th. Robert W. Baird lowered Manitowoc from an “outperform” rating to a “neutral” rating and cut their target price for the company from $22.00 to $19.00 in a research note on Monday, August 12th. Finally, Shore Capital reiterated a “buy” rating on shares of Manitowoc in a research note on Monday, October 21st. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $16.50.
The firm has a market cap of $501.58 million, a PE ratio of 25.33, a price-to-earnings-growth ratio of 0.84 and a beta of 2.16. The company has a quick ratio of 0.70, a current ratio of 1.78 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $12.39 and a two-hundred day moving average price of $14.99.
About Manitowoc (NYSE:MTW)
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.
Featured Story: What is the balance sheet?
Receive News & Ratings for Manitowoc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manitowoc and related companies with MarketBeat.com's FREE daily email newsletter.