Manitowoc (MTW) Cut to Underweight at JPMorgan Chase & Co.

Manitowoc (NYSE:MTW) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Monday. They currently have a $29.00 target price on the industrial products company’s stock, down from their prior target price of $30.00. JPMorgan Chase & Co.’s price target would indicate a potential downside of 15.20% from the stock’s previous close.

Several other equities research analysts also recently commented on MTW. SunTrust Banks restated a “hold” rating and issued a $28.00 price target on shares of Manitowoc in a research report on Friday, October 27th. Royal Bank of Canada upgraded shares of Manitowoc from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $30.00 to $48.00 in a research report on Wednesday, November 1st. Stifel Nicolaus upped their price target on shares of Manitowoc from $36.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Jefferies Group restated a “buy” rating on shares of Manitowoc in a research report on Friday, November 10th. Finally, Seaport Global Securities upgraded shares of Manitowoc from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $39.92.

Shares of Manitowoc (MTW) traded down $0.16 during trading hours on Monday, hitting $34.20. 1,601,635 shares of the company traded hands, compared to its average volume of 693,421. The company has a current ratio of 1.76, a quick ratio of 0.67 and a debt-to-equity ratio of 0.44. The stock has a market cap of $1,200.00, a P/E ratio of 136.80 and a beta of 1.46. Manitowoc has a fifty-two week low of $21.00 and a fifty-two week high of $44.03.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.11). The firm had revenue of $481.50 million during the quarter, compared to analysts’ expectations of $423.27 million. Manitowoc had a net margin of 0.59% and a negative return on equity of 1.59%. The firm’s revenue was up 27.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.24) EPS. sell-side analysts predict that Manitowoc will post 0.56 EPS for the current year.

In related news, Director Charles David Myers acquired 3,854 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were purchased at an average price of $39.12 per share, for a total transaction of $150,768.48. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.82% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. increased its stake in Manitowoc by 2.4% in the 2nd quarter. Advisor Group Inc. now owns 24,120 shares of the industrial products company’s stock valued at $145,000 after buying an additional 572 shares during the period. Nationwide Fund Advisors increased its stake in shares of Manitowoc by 1.8% during the 2nd quarter. Nationwide Fund Advisors now owns 106,310 shares of the industrial products company’s stock worth $639,000 after purchasing an additional 1,926 shares during the last quarter. Virtu Financial LLC increased its stake in shares of Manitowoc by 25.2% during the 4th quarter. Virtu Financial LLC now owns 13,048 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 2,628 shares during the last quarter. Virtu KCG Holdings LLC increased its stake in shares of Manitowoc by 6.7% during the 2nd quarter. Virtu KCG Holdings LLC now owns 44,285 shares of the industrial products company’s stock worth $266,000 after purchasing an additional 2,777 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of Manitowoc during the 4th quarter worth $129,000.

COPYRIGHT VIOLATION WARNING: “Manitowoc (MTW) Cut to Underweight at JPMorgan Chase & Co.” was originally reported by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States and international trademark and copyright legislation. The original version of this story can be accessed at https://www.americanbankingnews.com/2018/02/12/manitowoc-mtw-cut-to-underweight-at-jpmorgan-chase-co.html.

Manitowoc Company Profile

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.

Analyst Recommendations for Manitowoc (NYSE:MTW)

Receive News & Ratings for Manitowoc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manitowoc and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply