Manitowoc (NYSE:MTW) Upgraded to Hold at StockNews.com

Manitowoc (NYSE:MTW) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

MTW has been the subject of a number of other research reports. Robert W. Baird cut their price objective on shares of Manitowoc from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday. The Goldman Sachs Group dropped their target price on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating for the company in a research report on Friday, August 9th. Barclays reduced their price target on Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $12.47.

Manitowoc Stock Performance

Shares of NYSE MTW traded down $0.44 during mid-day trading on Friday, reaching $8.90. 488,999 shares of the company’s stock were exchanged, compared to its average volume of 270,273. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.89 and a quick ratio of 0.58. The firm has a market capitalization of $312.57 million, a price-to-earnings ratio of -32.96 and a beta of 1.84. Manitowoc has a 52 week low of $8.50 and a 52 week high of $17.65. The firm has a 50-day moving average price of $9.66 and a two-hundred day moving average price of $10.91.

Manitowoc (NYSE:MTW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.18). Manitowoc had a positive return on equity of 2.41% and a negative net margin of 0.40%. The business had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.49 million. During the same period last year, the business posted $0.22 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. Analysts predict that Manitowoc will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Manitowoc

A number of large investors have recently added to or reduced their stakes in MTW. Allspring Global Investments Holdings LLC lifted its position in Manitowoc by 183.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after acquiring an additional 7,441 shares during the last quarter. Empowered Funds LLC raised its stake in Manitowoc by 8.2% in the first quarter. Empowered Funds LLC now owns 148,404 shares of the industrial products company’s stock valued at $2,098,000 after buying an additional 11,200 shares during the last quarter. Isthmus Partners LLC boosted its holdings in Manitowoc by 44.4% in the first quarter. Isthmus Partners LLC now owns 211,217 shares of the industrial products company’s stock worth $2,987,000 after acquiring an additional 64,962 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Manitowoc by 63.7% during the first quarter. Avantax Advisory Services Inc. now owns 36,847 shares of the industrial products company’s stock valued at $521,000 after acquiring an additional 14,337 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of Manitowoc in the 1st quarter valued at approximately $245,000. 78.66% of the stock is currently owned by institutional investors.

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.