Manitowoc (MTW) PT Lowered to $35.00

Manitowoc (NYSE:MTW) had its price objective lowered by Royal Bank of Canada to $35.00 in a research report report published on Wednesday, The Fly reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

MTW has been the subject of a number of other research reports. Seaport Global Securities set a $31.00 target price on shares of Manitowoc and gave the stock a buy rating in a research report on Wednesday, August 8th. Goldman Sachs Group cut shares of Manitowoc from a neutral rating to a sell rating in a research report on Monday, July 16th. Zacks Investment Research upgraded shares of Manitowoc from a hold rating to a strong-buy rating and set a $31.00 target price for the company in a research report on Tuesday, July 10th. Stifel Nicolaus reiterated a buy rating and set a $33.00 target price on shares of Manitowoc in a research report on Sunday, August 12th. Finally, ValuEngine cut shares of Manitowoc from a hold rating to a sell rating in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $30.50.

Shares of Manitowoc stock traded down $0.49 during mid-day trading on Wednesday, reaching $19.12. 359,194 shares of the stock were exchanged, compared to its average volume of 631,941. The stock has a market capitalization of $716.70 million, a P/E ratio of -73.54 and a beta of 1.62. The company has a quick ratio of 0.73, a current ratio of 1.75 and a debt-to-equity ratio of 0.39. Manitowoc has a fifty-two week low of $16.74 and a fifty-two week high of $44.03.

Manitowoc (NYSE:MTW) last announced its earnings results on Monday, November 5th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.12. The business had revenue of $450.10 million during the quarter, compared to analysts’ expectations of $452.64 million. Manitowoc had a net margin of 2.56% and a return on equity of 1.80%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the company posted $0.37 EPS. On average, equities analysts anticipate that Manitowoc will post 0.58 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in Manitowoc by 8.8% during the 2nd quarter. BlackRock Inc. now owns 2,459,641 shares of the industrial products company’s stock worth $63,605,000 after acquiring an additional 197,928 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Manitowoc by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,359,438 shares of the industrial products company’s stock worth $61,015,000 after acquiring an additional 7,343 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Manitowoc by 72.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,667,174 shares of the industrial products company’s stock worth $39,996,000 after acquiring an additional 699,680 shares during the last quarter. Rutabaga Capital Management LLC MA grew its holdings in Manitowoc by 46.8% during the 2nd quarter. Rutabaga Capital Management LLC MA now owns 661,424 shares of the industrial products company’s stock worth $17,104,000 after acquiring an additional 210,827 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in Manitowoc by 2.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 467,991 shares of the industrial products company’s stock worth $12,102,000 after acquiring an additional 11,178 shares during the last quarter. 79.78% of the stock is currently owned by hedge funds and other institutional investors.

About Manitowoc

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.

See Also: Google Finance Portfolio Workaround

The Fly

Analyst Recommendations for Manitowoc (NYSE:MTW)

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.

Leave a Reply