Manitowoc (NYSE:MTW) Shares Cross Above 50-Day Moving Average – Here’s Why

The Manitowoc Company, Inc. (NYSE:MTW) passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $21.89 and traded as high as $22.95. Manitowoc shares last traded at $22.3130, with a volume of 438,176 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MTW. Barclays lifted their price objective on Manitowoc from $16.00 to $20.00 and gave the company an “underweight” rating in a research report on Friday. Wall Street Zen upgraded Manitowoc from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Wells Fargo & Company raised their price objective on Manitowoc from $12.00 to $15.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Weiss Ratings upgraded Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Sell” and an average price target of $17.50.

Manitowoc Stock Performance

The company’s 50-day moving average price is $21.89 and its two-hundred day moving average price is $15.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11. The stock has a market cap of $804.61 million, a PE ratio of 31.43 and a beta of 1.78.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Front Street Capital Management Inc. increased its stake in Manitowoc by 1.8% in the 1st quarter. Front Street Capital Management Inc. now owns 3,321,784 shares of the industrial products company’s stock worth $38,699,000 after buying an additional 57,761 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Manitowoc by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,938,750 shares of the industrial products company’s stock valued at $22,586,000 after purchasing an additional 12,863 shares during the last quarter. Goldstein Advisors LLC increased 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 acquiring an additional 633,193 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in 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 acquiring an additional 108,347 shares during the period. Finally, Empowered Funds LLC raised its holdings in Manitowoc by 8.6% in the 1st quarter. Empowered Funds LLC now owns 224,437 shares of the industrial products company’s stock worth $2,615,000 after acquiring an additional 17,694 shares during the period. 78.66% of the stock is currently owned by institutional investors.

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.