Manitowoc (NYSE:MTW) Price Target Raised to $20.00

Manitowoc (NYSE:MTW) had its target price boosted by equities research analysts at Barclays from $16.00 to $20.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the industrial products company’s stock. Barclays‘s price objective would indicate a potential downside of 10.85% from the company’s current price.

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

Manitowoc Stock Performance

NYSE MTW traded up $0.77 during trading hours on Friday, reaching $22.43. 111,365 shares of the company were exchanged, compared to its average volume of 313,444. Manitowoc has a 1 year low of $10.29 and a 1 year high of $25.22. The business’s 50 day simple moving average is $21.82 and its 200-day simple moving average is $15.74. 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 stock has a market capitalization of $809.05 million, a P/E ratio of 31.65 and a beta of 1.78.

Manitowoc (NYSE:MTW) last announced its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.20 by $0.11. The business had revenue of $613.80 million for the quarter, compared to analyst estimates of $577.00 million. Manitowoc had a net margin of 1.10% and a return on equity of 4.78%. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities research analysts expect that Manitowoc will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its position in shares of Manitowoc by 583.2% during the third quarter. Signaturefd LLC now owns 1,544 shares of the industrial products company’s stock valued at $33,000 after buying an additional 1,318 shares during the period. State of Wyoming purchased a new stake in shares of Manitowoc in the first quarter worth about $62,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Manitowoc in the second quarter worth about $102,000. Fulcrum Asset Management LLP purchased a new stake in shares of Manitowoc in the third quarter worth about $133,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Manitowoc by 5.2% in the first quarter. Public Employees Retirement System of Ohio now owns 32,187 shares of the industrial products company’s stock valued at $375,000 after acquiring an additional 1,594 shares during the period. Institutional investors own 78.66% of the company’s stock.

About Manitowoc

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.