Manitowoc Company Inc (NYSE:MTW) – Research analysts at Jefferies Group cut their FY2017 earnings per share (EPS) estimates for Manitowoc in a report released on Thursday. Jefferies Group analyst S. Volkmann now expects that the industrial products company will post earnings of ($0.21) per share for the year, down from their prior estimate of ($0.20). Jefferies Group has a “Buy” rating on the stock. Jefferies Group also issued estimates for Manitowoc’s FY2018 earnings at $0.60 EPS and FY2019 earnings at $1.85 EPS.
A number of other research firms also recently commented on MTW. SunTrust Banks reaffirmed a “hold” rating and set a $28.00 target price on shares of Manitowoc in a report on Friday, October 27th. Stifel Nicolaus increased their price target on Manitowoc from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Citigroup increased their price target on Manitowoc from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 13th. Royal Bank of Canada upgraded Manitowoc from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $30.00 to $48.00 in a research report on Wednesday, November 1st. Finally, Barclays began coverage on Manitowoc in a research report on Tuesday, December 12th. They set an “overweight” rating and a $45.00 price target on the stock. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Manitowoc has a consensus rating of “Buy” and an average price target of $39.64.
Manitowoc (NYSE:MTW) last released its earnings results on Monday, November 6th. The industrial products company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.44. Manitowoc had a negative return on equity of 6.17% and a negative net margin of 4.01%. The company had revenue of $399.40 million for the quarter, compared to the consensus estimate of $385.01 million. During the same quarter last year, the business posted ($1.12) EPS. Manitowoc’s quarterly revenue was up 14.2% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. boosted its stake in Manitowoc by 2.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 580,385 shares of the industrial products company’s stock valued at $5,224,000 after purchasing an additional 12,221 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Manitowoc by 17.1% during the 2nd quarter. Wells Fargo & Company MN now owns 151,840 shares of the industrial products company’s stock valued at $912,000 after purchasing an additional 22,133 shares in the last quarter. Private Advisor Group LLC boosted its stake in Manitowoc by 46.4% during the 3rd quarter. Private Advisor Group LLC now owns 31,722 shares of the industrial products company’s stock valued at $289,000 after purchasing an additional 10,050 shares in the last quarter. Van Den Berg Management I Inc. boosted its stake in Manitowoc by 18.4% during the 3rd quarter. Van Den Berg Management I Inc. now owns 1,789,888 shares of the industrial products company’s stock valued at $16,109,000 after purchasing an additional 278,220 shares in the last quarter. Finally, Sowell Financial Services LLC bought a new position in Manitowoc during the 3rd quarter valued at $1,128,000.
In other Manitowoc news, Director Charles David Myers bought 3,854 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were purchased at an average cost of $39.12 per share, for a total transaction of $150,768.48. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 2.82% of the stock is owned by company insiders.
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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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