Barclays PLC Cuts Manitowoc Co. (MTW) Price Target to $4.00
Manitowoc Co. (NYSE:MTW) had its price objective reduced by equities research analysts at Barclays PLC from $5.00 to $4.00 in a research note issued to investors on Wednesday. The brokerage presently has an “equal weight” rating on the stock. Barclays PLC’s price target indicates a potential downside of 11.31% from the company’s current price.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Manitowoc from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a report on Tuesday, July 5th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Manitowoc in a report on Monday, August 8th. Credit Suisse Group AG reissued a “hold” rating and issued a $5.50 price target on shares of Manitowoc in a report on Tuesday, August 9th. Deutsche Bank AG initiated coverage on shares of Manitowoc in a report on Tuesday, September 6th. They issued a “hold” rating and a $5.25 price target on the stock. Finally, Citigroup Inc. cut their price target on shares of Manitowoc from $6.00 to $5.50 and set a “neutral” rating on the stock in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. Manitowoc has an average rating of “Hold” and a consensus price target of $9.36.
Manitowoc (NYSE:MTW) traded down 0.66% during midday trading on Wednesday, hitting $4.51. 1,119,052 shares of the company were exchanged. The stock has a 50 day moving average of $4.64 and a 200 day moving average of $5.18. Manitowoc has a 1-year low of $2.66 and a 1-year high of $6.15. The firm’s market capitalization is $620.47 million.
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Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The business had revenue of $457.70 million for the quarter, compared to analyst estimates of $466.92 million. Manitowoc had a negative net margin of 5.97% and a positive return on equity of 9.23%. The company’s revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, equities analysts predict that Manitowoc will post ($0.09) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of MTW. Sii Investments Inc. WI boosted its position in shares of Manitowoc by 0.6% in the second quarter. Sii Investments Inc. WI now owns 22,005 shares of the company’s stock valued at $120,000 after buying an additional 125 shares during the period. Clinton Group Inc. boosted its position in shares of Manitowoc by 1.0% in the second quarter. Clinton Group Inc. now owns 61,629 shares of the company’s stock valued at $336,000 after buying an additional 624 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Manitowoc by 14.7% in the second quarter. Teacher Retirement System of Texas now owns 18,276 shares of the company’s stock valued at $100,000 after buying an additional 2,336 shares during the period. Globeflex Capital L P boosted its position in shares of Manitowoc by 1.1% in the second quarter. Globeflex Capital L P now owns 298,805 shares of the company’s stock valued at $1,628,000 after buying an additional 3,280 shares during the period. Finally, Private Advisor Group LLC boosted its position in shares of Manitowoc by 15.4% in the second quarter. Private Advisor Group LLC now owns 26,166 shares of the company’s stock valued at $134,000 after buying an additional 3,500 shares during the period. 78.54% of the stock is owned by institutional investors and hedge funds.
Manitowoc Company Profile
The Manitowoc Company, Inc (MTW) is a multi-industry, capital goods manufacturer. The Company operates in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.
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