Manitowoc Company Inc (NYSE:MTW) – Stock analysts at SunTrust Banks increased their Q3 2018 EPS estimates for Manitowoc in a research report issued to clients and investors on Sunday. SunTrust Banks analyst C. Brady now expects that the industrial products company will earn $0.18 per share for the quarter, up from their previous forecast of $0.12. SunTrust Banks currently has a “Hold” rating and a $37.00 target price on the stock. SunTrust Banks also issued estimates for Manitowoc’s Q2 2019 earnings at $0.57 EPS, Q3 2019 earnings at $0.35 EPS and FY2019 earnings at $1.41 EPS.
Several other research firms also recently commented on MTW. JPMorgan Chase & Co. downgraded shares of Manitowoc from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $30.00 to $29.00 in a research report on Monday. Stifel Nicolaus lifted their target price on shares of Manitowoc from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 8th. Jefferies Group reiterated a “buy” rating on shares of Manitowoc in a research report on Friday, November 10th. Credit Suisse Group lifted their target price on shares of Manitowoc from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Royal Bank of Canada upgraded shares of Manitowoc from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $30.00 to $48.00 in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $39.92.
Manitowoc (NYSE:MTW) last posted its earnings results on Thursday, February 8th. The industrial products company reported ($0.15) EPS for the quarter, missing the 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 for the quarter, compared to analyst estimates of $423.27 million. During the same quarter in the prior year, the business earned ($0.24) earnings per share. The firm’s quarterly revenue was up 27.3% on a year-over-year basis.
In other news, Director Charles David Myers purchased 3,854 shares of the company’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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.82% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MTW. Dimensional Fund Advisors LP lifted its position in shares of Manitowoc by 21.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,647,423 shares of the industrial products company’s stock worth $51,970,000 after purchasing an additional 1,499,384 shares during the period. Hennessy Advisors Inc. acquired a new position in shares of Manitowoc in the 4th quarter worth approximately $29,631,000. Vanguard Group Inc. lifted its position in shares of Manitowoc by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 10,621,323 shares of the industrial products company’s stock worth $63,834,000 after purchasing an additional 471,356 shares during the period. Van Den Berg Management I Inc. lifted its position in shares of Manitowoc by 18.4% in the 3rd 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 purchasing an additional 278,220 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Manitowoc by 6,356.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 241,932 shares of the industrial products company’s stock valued at $2,172,000 after acquiring an additional 238,185 shares in the last quarter.
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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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