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.
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.
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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.
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