Manitowoc (MTW) Given New $36.00 Price Target at Deutsche Bank

Manitowoc (NYSE:MTW) had its price objective reduced by equities research analysts at Deutsche Bank from $44.00 to $36.00 in a report released on Monday. The firm currently has a “hold” rating on the industrial products company’s stock. Deutsche Bank’s price objective suggests a potential upside of 4.65% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird restated a “buy” rating and set a $47.00 price target on shares of Manitowoc in a research report on Friday, November 24th. Seaport Global Securities upgraded Manitowoc from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Monday, November 20th. Jefferies Group restated a “buy” rating on shares of Manitowoc in a research report on Friday, November 10th. Stifel Nicolaus raised their price target on Manitowoc from $36.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Finally, SunTrust Banks raised their price target on Manitowoc to $37.00 and gave the company a “hold” rating in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. Manitowoc has an average rating of “Hold” and a consensus price target of $39.92.

Shares of Manitowoc (MTW) traded up $0.04 during mid-day trading on Monday, hitting $34.40. The company had a trading volume of 657,110 shares, compared to its average volume of 692,203. The company has a quick ratio of 0.67, a current ratio of 1.76 and a debt-to-equity ratio of 0.44. Manitowoc has a one year low of $21.00 and a one year high of $44.03. The stock has a market capitalization of $1,208.91, a P/E ratio of 162.93 and a beta of 1.33.

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

In related news, Director Charles David Myers acquired 3,854 shares of the firm’s stock in a transaction dated 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.82% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTW. Dimensional Fund Advisors LP increased its holdings in shares of Manitowoc by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 8,647,423 shares of the industrial products company’s stock worth $51,970,000 after buying an additional 1,499,384 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of Manitowoc in the fourth quarter worth about $29,631,000. Vanguard Group Inc. increased its holdings in shares of Manitowoc by 4.6% in the second quarter. Vanguard Group Inc. now owns 10,621,323 shares of the industrial products company’s stock worth $63,834,000 after buying an additional 471,356 shares during the period. Van Den Berg Management I Inc. increased its holdings in shares of Manitowoc by 18.4% in the third quarter. Van Den Berg Management I Inc. now owns 1,789,888 shares of the industrial products company’s stock worth $16,109,000 after buying an additional 278,220 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Manitowoc by 6,356.7% in the third quarter. JPMorgan Chase & Co. now owns 241,932 shares of the industrial products company’s stock worth $2,172,000 after buying an additional 238,185 shares during the period.

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About Manitowoc

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)

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