Barclays Issues Positive Forecast for Manitowoc (NYSE:MTW) Stock Price

Manitowoc (NYSE:MTW) had its price target hoisted by Barclays from $16.00 to $20.00 in a report released on Friday morning,Benzinga reports. Barclays currently has an underweight rating on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company raised their target price on shares of Manitowoc from $12.00 to $15.00 and gave the company an “underweight” rating in a research note on Thursday. Wall Street Zen lowered shares of Manitowoc from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 25th. Finally, Weiss Ratings raised shares of Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Sell” and a consensus price target of $17.50.

Manitowoc Trading Up 3.0%

Shares of NYSE MTW traded up $0.64 during midday trading on Friday, hitting $22.31. The stock had a trading volume of 438,176 shares, compared to its average volume of 346,508. The company has a market capitalization of $804.61 million, a price-to-earnings ratio of 31.43 and a beta of 1.78. Manitowoc has a 1-year low of $10.29 and a 1-year high of $25.22. The company has a quick ratio of 0.75, a current ratio of 2.11 and a debt-to-equity ratio of 0.66. The company has a fifty day moving average price of $21.89 and a 200 day moving average price of $15.78.

Manitowoc (NYSE:MTW) last posted its earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. Manitowoc had a net margin of 0.87% and a return on equity of 3.86%. The firm had revenue of $613.80 million during the quarter, compared to the consensus estimate of $577.00 million. During the same quarter in the prior year, the company earned $0.14 EPS. The company’s revenue was up 13.8% on a year-over-year basis. On average, analysts predict that Manitowoc will post 1.08 earnings per share for the current year.

Hedge Funds Weigh In On Manitowoc

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Front Street Capital Management Inc. acquired a new stake in Manitowoc in the second quarter valued at approximately $44,547,000. Bank of New York Mellon Corp acquired a new position in shares of Manitowoc during the second quarter worth $1,717,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Manitowoc by 37.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock worth $4,673,000 after purchasing an additional 108,347 shares in the last quarter. Goldstein Advisors LLC lifted its position in shares of Manitowoc by 3,280.8% during the third quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock worth $14,002,000 after purchasing an additional 633,193 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Manitowoc by 100.2% in the second quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company’s stock valued at $1,754,000 after purchasing an additional 63,215 shares during the period. 78.66% of the stock is owned by institutional investors and hedge funds.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.