Bank of New York Mellon Corp lessened its holdings in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 1.1% in the first quarter, Holdings Channel.com reports. The fund owned 134,087 shares of the industrial products company’s stock after selling 1,433 shares during the period. Bank of New York Mellon Corp’s holdings in The Manitowoc were worth $2,765,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in MTW. Grandview Asset Management LLC bought a new position in shares of The Manitowoc during the first quarter valued at approximately $30,000. NEXT Financial Group Inc bought a new position in shares of The Manitowoc during the first quarter valued at approximately $35,000. Tamarack Advisers LP bought a new position in shares of The Manitowoc during the first quarter valued at approximately $52,000. US Bancorp DE raised its holdings in shares of The Manitowoc by 57.8% during the first quarter. US Bancorp DE now owns 4,444 shares of the industrial products company’s stock valued at $92,000 after acquiring an additional 1,627 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in shares of The Manitowoc by 182.9% during the fourth quarter. Citigroup Inc. now owns 10,471 shares of the industrial products company’s stock valued at $139,000 after acquiring an additional 6,770 shares in the last quarter. Institutional investors own 76.05% of the company’s stock.
MTW has been the topic of several recent research reports. Citigroup upped their price target on The Manitowoc from $27.00 to $30.00 in a research note on Monday, May 10th. upped their price target on The Manitowoc from $27.00 to $30.00 in a research note on Monday, May 10th. Finally, Colliers Securities reaffirmed a “neutral” rating on shares of The Manitowoc in a research note on Thursday, July 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $20.50.
The Manitowoc (NYSE:MTW) last released its earnings results on Wednesday, May 5th. The industrial products company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The Manitowoc had a negative return on equity of 1.30% and a negative net margin of 0.98%. The company had revenue of $354.30 million during the quarter, compared to analysts’ expectations of $345.38 million. As a group, equities research analysts expect that The Manitowoc Company, Inc. will post 0.46 earnings per share for the current year.
The Manitowoc Profile
The Manitowoc Company, Inc provides engineered lifting solutions 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.
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