The Manitowoc Company, Inc. (NYSE:MTW) Short Interest Up 13.4% in October


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The Manitowoc Company, Inc. (NYSE:MTW) was the target of a large growth in short interest in the month of October. As of October 30th, there was short interest totalling 965,600 shares, a growth of 13.4% from the October 15th total of 851,700 shares. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 341,800 shares, the days-to-cover ratio is currently 2.8 days.

MTW traded down $0.32 during midday trading on Friday, reaching $11.18. The company had a trading volume of 233,890 shares, compared to its average volume of 426,414. The business has a 50-day moving average of $9.13 and a two-hundred day moving average of $9.74. The company has a quick ratio of 0.83, a current ratio of 2.10 and a debt-to-equity ratio of 0.58. The Manitowoc has a 1 year low of $7.24 and a 1 year high of $17.78. The company has a market cap of $386.37 million, a P/E ratio of -32.88 and a beta of 2.00.

The Manitowoc (NYSE:MTW) last announced its quarterly earnings data on Monday, November 9th. The industrial products company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.39. The Manitowoc had a negative return on equity of 1.02% and a negative net margin of 0.79%. The company had revenue of $355.60 million during the quarter, compared to the consensus estimate of $312.59 million. During the same period in the previous year, the company posted $0.54 EPS. The firm’s revenue was down 20.6% on a year-over-year basis. On average, equities research analysts predict that The Manitowoc will post -1.02 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Front Street Capital Management Inc. raised its position in shares of The Manitowoc by 21.5% in the 3rd quarter. Front Street Capital Management Inc. now owns 1,826,853 shares of the industrial products company’s stock worth $15,364,000 after acquiring an additional 323,354 shares in the last quarter. Towle & Co. raised its holdings in The Manitowoc by 2.0% in the second quarter. Towle & Co. now owns 1,571,030 shares of the industrial products company’s stock worth $17,093,000 after purchasing an additional 30,490 shares in the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of The Manitowoc by 73.7% during the third quarter. Segall Bryant & Hamill LLC now owns 887,273 shares of the industrial products company’s stock valued at $7,462,000 after buying an additional 376,390 shares during the last quarter. State Street Corp boosted its holdings in shares of The Manitowoc by 19.5% in the 1st quarter. State Street Corp now owns 841,263 shares of the industrial products company’s stock valued at $7,151,000 after buying an additional 137,417 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of The Manitowoc by 1.5% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 647,720 shares of the industrial products company’s stock worth $7,047,000 after buying an additional 9,394 shares during the last quarter. 74.85% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have commented on the company. TheStreet downgraded The Manitowoc from a “c-” rating to a “d+” rating in a research note on Thursday, September 10th. Jefferies Financial Group restated a “buy” rating and set a $20.00 price objective on shares of The Manitowoc in a report on Monday, August 10th. Credit Suisse Group reiterated a “hold” rating and issued a $10.00 target price on shares of The Manitowoc in a report on Friday, August 7th. Royal Bank of Canada reissued a “hold” rating on shares of The Manitowoc in a report on Monday, August 10th. Finally, Stifel Nicolaus downgraded The Manitowoc from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $11.50 to $11.00 in a research note on Friday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $13.71.

About The Manitowoc

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, Shuttlelift, and National Crane brands; and a hydraulically powered telescopic boom trucks under the National Crane brand.

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