Manitowoc (NYSE:MTW) Lifted to Buy at Goldman Sachs Group

Manitowoc (NYSE:MTW) was upgraded by stock analysts at Goldman Sachs Group from a “sell” rating to a “buy” rating in a report released on Friday, MarketBeat Ratings reports. The firm currently has a $18.00 price target on the industrial products company’s stock, up from their prior price target of $12.00. Goldman Sachs Group’s price objective would indicate a potential upside of 11.04% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. OTR Global cut shares of Manitowoc from a “mixed” rating to a “negative” rating in a research report on Tuesday, September 10th. Dougherty & Co assumed coverage on shares of Manitowoc in a research report on Wednesday, August 28th. They set a “neutral” rating for the company. Citigroup cut shares of Manitowoc from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $16.00 to $10.00 in a research report on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “hold” rating and set a $20.00 price objective on shares of Manitowoc in a research report on Tuesday, August 13th. Finally, ValuEngine raised shares of Manitowoc from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $16.50.

Shares of Manitowoc stock traded up $2.29 during mid-day trading on Friday, hitting $16.21. The stock had a trading volume of 2,049,000 shares, compared to its average volume of 422,777. The firm has a 50-day moving average of $12.34 and a two-hundred day moving average of $15.00. Manitowoc has a 12-month low of $10.49 and a 12-month high of $20.09. The company has a quick ratio of 0.70, a current ratio of 1.78 and a debt-to-equity ratio of 0.56. The firm has a market cap of $501.58 million, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 0.84 and a beta of 2.16.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.20. The firm had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $455.27 million. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company posted $0.20 EPS. Sell-side analysts expect that Manitowoc will post 1.7 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in MTW. Golden State Wealth Management LLC acquired a new stake in Manitowoc during the 3rd quarter worth approximately $29,000. Tower Research Capital LLC TRC lifted its holdings in Manitowoc by 513.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,010 shares of the industrial products company’s stock worth $63,000 after buying an additional 4,193 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Manitowoc by 20.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock worth $84,000 after buying an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Manitowoc by 264.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 9,593 shares of the industrial products company’s stock valued at $170,000 after purchasing an additional 6,961 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Manitowoc by 104.3% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,905 shares of the industrial products company’s stock valued at $177,000 after purchasing an additional 5,056 shares in the last quarter. Institutional investors own 78.87% of the company’s stock.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. It designs, manufactures, and distributes crawler-mounted lattice-boom cranes under the Manitowoc brand; a line of top-slewing and self-erecting tower cranes under the Potain brand; mobile telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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Analyst Recommendations for Manitowoc (NYSE:MTW)

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