Manitowoc Company’s Neutral Rating Reaffirmed at Zacks (MTW)
Manitowoc Company (NYSE:MTW)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Monday. They currently have a $28.00 price target on the stock. Zacks‘s target price points to a potential upside of 3.55% from the stock’s previous close.
Zacks’ analyst wrote, “Manitowoc reported second-quarter 2014 adjusted earnings of $0.35 per share, a 25.5% decline year over year, primarily impacted by lower crane demand. The bottom line also missed the Zacks Consensus Estimate of $0.41. For 2014, Manitowoc cut its guidance for Crane segment revenue at flat to slightly down and Foodservice operating margins to a mid-teens growth, however reiterating other outlook. Manitowoc remains optimistic regarding its new products. In addition, implementation of strategic initiatives and organizational realignment will improve cost structure. On the flip side, rising competition from a number of crane manufacturers in the Chinese market continue to pose as headwind. Thus, we are reaffirming our Neutral recommendation on Manitowoc with a target price of $28.”
Shares of Manitowoc Company (NYSE:MTW) traded down 1.22% on Monday, hitting $26.71. The stock had a trading volume of 892,443 shares. Manitowoc Company has a 1-year low of $18.12 and a 1-year high of $33.50. The stock’s 50-day moving average is $30.77 and its 200-day moving average is $29.54. The company has a market cap of $3.606 billion and a P/E ratio of 33.10. Manitowoc Company also was the target of some unusual options trading activity on Friday. Stock investors acquired 33,287 call options on the stock. This is an increase of approximately 702% compared to the average volume of 4,150 call options.
Manitowoc Company (NYSE:MTW) last released its earnings data on Wednesday, July 30th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.07. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. Analysts expect that Manitowoc Company will post $1.55 EPS for the current fiscal year.
A number of other firms have also recently commented on MTW. Analysts at RBC Capital cut their price target on shares of Manitowoc Company from $34.00 to $33.00 in a research note on Friday. Separately, analysts at Global Hunter Securities cut their price target on shares of Manitowoc Company from $30.00 to $26.00 in a research note on Friday. Finally, analysts at Robert W. Baird cut their price target on shares of Manitowoc Company from $38.00 to $34.00 in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Manitowoc Company currently has a consensus rating of “Buy” and a consensus target price of $30.40.
The Manitowoc Company, Inc (NYSE:MTW) is a multi-industry, capital goods manufacturer.
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