Manitowoc Company, Inc. (The) (NYSE:MTW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Manitowoc's second-quarter orders are pegged at $379.5 million, up 9% year over year despite challenging end markets. The overall global market sentiment for lattice boom crawlers and rough-terrain cranes remains soft in the quarter. Demand continues to be muted in the Americas and the Middle East region due to weak rental and used equipment. However, Manitowoc is making significant progress in the implementation of The Manitowoc Way to drive four key strategic priorities – margin expansion, growth, innovation and velocity that will aid it deliver double-digit margin growth in the long term. The company has outperformed the industry year-to-date. Its estimates have gone up lately.”

A number of other research analysts also recently issued reports on the company. Deutsche Bank AG reiterated a “hold” rating and set a $8.07 price objective (up from $7.85) on shares of Manitowoc Company, Inc. (The) in a research note on Monday. Jefferies Group LLC reiterated a “buy” rating and set a $10.50 price objective on shares of Manitowoc Company, Inc. (The) in a research note on Friday, October 6th. J P Morgan Chase & Co upgraded Manitowoc Company, Inc. (The) from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $6.00 to $7.00 in a research note on Thursday, August 17th. BidaskClub upgraded Manitowoc Company, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. Finally, UBS AG reiterated a “neutral” rating and set a $8.00 price objective (up from $6.00) on shares of Manitowoc Company, Inc. (The) in a research note on Thursday, August 10th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $7.46.

Manitowoc Company, Inc. (MTW) traded down 1.39% during trading on Wednesday, hitting $9.22. 909,072 shares of the stock were exchanged. The company has a 50-day moving average price of $8.44 and a 200 day moving average price of $6.68. The firm’s market capitalization is $1.30 billion. Manitowoc Company, Inc. has a 1-year low of $3.65 and a 1-year high of $9.97.

Manitowoc Company, Inc. (The) (NYSE:MTW) last announced its quarterly earnings data on Monday, August 7th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.09. The company had revenue of $394.60 million during the quarter, compared to the consensus estimate of $396.44 million. Manitowoc Company, Inc. (The) had a negative return on equity of 14.85% and a negative net margin of 14.63%. The firm’s revenue was down 13.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. Equities analysts predict that Manitowoc Company, Inc. will post ($0.14) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Manitowoc Company, Inc. (The) by 1.0% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 41,085 shares of the industrial products company’s stock valued at $234,000 after acquiring an additional 406 shares during the last quarter. Advisor Group Inc. boosted its position in shares of Manitowoc Company, Inc. (The) by 2.4% during the 2nd quarter. Advisor Group Inc. now owns 24,120 shares of the industrial products company’s stock valued at $145,000 after acquiring an additional 572 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Manitowoc Company, Inc. (The) by 1.6% during the 1st quarter. Bank of America Corp DE now owns 90,840 shares of the industrial products company’s stock valued at $518,000 after acquiring an additional 1,391 shares during the last quarter. Birmingham Capital Management Co. Inc. AL boosted its position in shares of Manitowoc Company, Inc. (The) by 6.3% during the 2nd quarter. Birmingham Capital Management Co. Inc. AL now owns 28,575 shares of the industrial products company’s stock valued at $172,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its position in shares of Manitowoc Company, Inc. (The) by 1.7% during the 1st quarter. Nationwide Fund Advisors now owns 104,384 shares of the industrial products company’s stock valued at $595,000 after acquiring an additional 1,783 shares during the last quarter. Hedge funds and other institutional investors own 80.98% of the company’s stock.

About Manitowoc Company, Inc. (The)

The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.

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Analyst Recommendations for Manitowoc Company, Inc. (The) (NYSE:MTW)

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