Manitowoc (MTW) Price Target Cut to $42.00

Manitowoc (NYSE:MTW) had its price objective lowered by analysts at Stifel Nicolaus from $48.00 to $42.00 in a research report issued to clients and investors on Monday. The firm presently has a “buy” rating on the industrial products company’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 22.24% from the company’s previous close.

Several other analysts have also recently issued reports on MTW. SunTrust Banks reaffirmed a “hold” rating and set a $28.00 price objective on shares of Manitowoc in a report on Friday, October 27th. Royal Bank of Canada raised Manitowoc from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $30.00 to $48.00 in a report on Wednesday, November 1st. Jefferies Group reaffirmed a “buy” rating on shares of Manitowoc in a report on Friday, November 10th. Seaport Global Securities raised Manitowoc from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Monday, November 20th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $47.00 price objective on shares of Manitowoc in a report on Friday, November 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. Manitowoc has a consensus rating of “Hold” and an average price target of $39.25.

Shares of Manitowoc (MTW) opened at $34.36 on Monday. The stock has a market capitalization of $1,208.91, a P/E ratio of 163.62 and a beta of 1.33. Manitowoc has a twelve month low of $21.00 and a twelve month high of $44.03. The company has a current ratio of 1.76, a quick ratio of 0.67 and a debt-to-equity ratio of 0.44.

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 Thomson Reuters’ consensus estimate of ($0.04) by ($0.11). The firm had revenue of $481.50 million for the quarter, compared to analysts’ expectations of $423.27 million. Manitowoc had a negative return on equity of 1.59% and a net margin of 0.59%. The firm’s revenue was up 27.3% on a year-over-year basis. During the same period last year, the company earned ($0.24) earnings per share. equities research analysts predict that Manitowoc will post 0.56 earnings per share for the current fiscal year.

In related news, Director Charles David Myers bought 3,854 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were purchased at an average price of $39.12 per share, with a total value of $150,768.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.82% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of Manitowoc by 343.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 133,340 shares of the industrial products company’s stock valued at $1,200,000 after purchasing an additional 103,289 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of 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 during the last quarter. Wells Fargo & Company MN increased its position in shares of 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 during the last quarter. Private Advisor Group LLC increased its position in shares of 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 during the last quarter. Finally, Van Den Berg Management I Inc. increased its position in shares of 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 during the last quarter.

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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.

Analyst Recommendations for Manitowoc (NYSE:MTW)

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