Manitowoc Co. (MTW) PT Lowered to $4.00
Manitowoc Co. (NYSE:MTW) had its price target dropped by Barclays PLC from $5.00 to $4.00 in a report issued on Wednesday. The brokerage currently has an “equal weight” rating on the stock. Barclays PLC’s price target would indicate a potential downside of 11.89% from the company’s previous close.
Other equities research analysts have also issued research reports about the company. Citigroup Inc. dropped their price target on Manitowoc from $6.00 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, August 10th. Credit Suisse Group AG reissued a “hold” rating and issued a $5.50 target price on shares of Manitowoc in a research note on Tuesday, August 9th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Manitowoc in a research note on Monday, August 8th. Zacks Investment Research lowered Manitowoc from a “buy” rating to a “sell” rating in a research report on Tuesday, July 19th. Finally, Deutsche Bank AG initiated coverage on Manitowoc in a research report on Tuesday, September 6th. They set a “hold” rating and a $5.25 price target for the company. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the stock. Manitowoc has an average rating of “Hold” and an average target price of $9.36.
Shares of Manitowoc (NYSE:MTW) traded down 0.88% during mid-day trading on Wednesday, reaching $4.50. The company had a trading volume of 122,240 shares. The company’s market cap is $619.09 million. Manitowoc has a 52-week low of $4.00 and a 52-week high of $17.56. The firm’s 50-day moving average price is $4.66 and its 200 day moving average price is $5.19.
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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 for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The company earned $457.70 million during the quarter, compared to analysts’ expectations of $466.92 million. Manitowoc had a positive return on equity of 9.23% and a negative net margin of 5.97%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 earnings per share. Equities analysts expect that Manitowoc will post ($0.09) EPS for the current year.
A number of hedge funds have recently modified their holdings of the stock. Investec Asset Management LTD increased its stake in shares of Manitowoc by 2,181.1% in the first quarter. Investec Asset Management LTD now owns 3,709,667 shares of the company’s stock valued at $16,063,000 after buying an additional 3,547,040 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Manitowoc by 5.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,518,480 shares of the company’s stock valued at $19,176,000 after buying an additional 183,895 shares in the last quarter. Rutabaga Capital Management LLC MA increased its stake in shares of Manitowoc by 75.5% in the second quarter. Rutabaga Capital Management LLC MA now owns 3,159,671 shares of the company’s stock valued at $17,220,000 after buying an additional 1,359,671 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Manitowoc by 151.9% in the second quarter. BlackRock Fund Advisors now owns 3,051,774 shares of the company’s stock valued at $16,632,000 after buying an additional 1,840,495 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Manitowoc by 37.9% in the second quarter. State Street Corp now owns 2,351,988 shares of the company’s stock valued at $12,818,000 after buying an additional 646,521 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.
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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