Manitowoc (NYSE:MTW) Price Target Lowered to $12.00 at Barclays

Manitowoc (NYSE:MTW) had its price target reduced by equities research analysts at Barclays from $15.00 to $12.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s target price indicates a potential downside of 7.83% from the stock’s previous close.

Other research analysts have also issued reports about the company. StockNews.com lowered Manitowoc from a “buy” rating to a “hold” rating in a report on Thursday, February 22nd. Wells Fargo & Company cut their price objective on Manitowoc from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. cut their price objective on Manitowoc from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, Manitowoc currently has an average rating of “Hold” and an average price target of $16.83.

Manitowoc Trading Up 1.9 %

Manitowoc stock opened at $13.02 on Monday. The stock has a 50-day moving average of $13.52 and a two-hundred day moving average of $14.57. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.65 and a current ratio of 1.83. Manitowoc has a one year low of $12.20 and a one year high of $19.81. The stock has a market cap of $462.00 million, a PE ratio of 11.94 and a beta of 2.04.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The business had revenue of $595.80 million during the quarter, compared to analysts’ expectations of $583.90 million. During the same quarter last year, the business posted $0.74 earnings per share. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. On average, research analysts anticipate that Manitowoc will post 1.29 EPS for the current fiscal year.

Institutional Trading of Manitowoc

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its holdings in Manitowoc by 19.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,139 shares of the industrial products company’s stock worth $77,000 after acquiring an additional 823 shares during the period. Swiss National Bank grew its holdings in Manitowoc by 1.7% in the third quarter. Swiss National Bank now owns 77,250 shares of the industrial products company’s stock valued at $1,163,000 after purchasing an additional 1,300 shares during the period. TCW Group Inc. grew its holdings in Manitowoc by 1.9% in the fourth quarter. TCW Group Inc. now owns 81,415 shares of the industrial products company’s stock valued at $1,359,000 after purchasing an additional 1,537 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Manitowoc by 8.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,447 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 1,928 shares during the period. Finally, Avantax Advisory Services Inc. grew its holdings in Manitowoc by 6.1% in the third quarter. Avantax Advisory Services Inc. now owns 35,810 shares of the industrial products company’s stock valued at $539,000 after purchasing an additional 2,071 shares during the period. 78.66% of the stock is owned by institutional investors and hedge funds.

About Manitowoc

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.