Manitowoc (NYSE:MTW) Given New $15.00 Price Target at JPMorgan Chase & Co.

Manitowoc (NYSE:MTW) had its price target lowered by JPMorgan Chase & Co. from $17.00 to $15.00 in a report issued on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

A number of other research analysts also recently issued reports on MTW. StockNews.com downgraded Manitowoc from a buy rating to a hold rating in a report on Thursday, February 22nd. Wells Fargo & Company decreased their price objective on Manitowoc from $17.00 to $16.00 and set an equal weight rating for the company in a report on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of Hold and an average target price of $17.33.

Manitowoc Stock Down 3.3 %

Shares of Manitowoc stock opened at $13.02 on Tuesday. Manitowoc has a 1 year low of $12.20 and a 1 year high of $19.81. The business has a 50-day moving average of $13.90 and a two-hundred day moving average of $14.62. The company has a market capitalization of $461.95 million, a P/E ratio of 11.94 and a beta of 2.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.83 and a quick ratio of 0.65.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.14). Manitowoc had a return on equity of 9.44% and a net margin of 1.76%. The business had revenue of $595.80 million during the quarter, compared to the consensus estimate of $583.90 million. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue was down 4.2% compared to the same quarter last year. As a group, equities analysts predict that Manitowoc will post 1.29 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MTW. Assenagon Asset Management S.A. boosted its position in Manitowoc by 1,292.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 516,774 shares of the industrial products company’s stock valued at $8,625,000 after purchasing an additional 479,662 shares during the last quarter. Millennium Management LLC boosted its position in Manitowoc by 2,304.0% during the second quarter. Millennium Management LLC now owns 422,527 shares of the industrial products company’s stock valued at $4,449,000 after purchasing an additional 404,951 shares during the last quarter. Marshall Wace LLP acquired a new position in Manitowoc during the third quarter valued at approximately $2,674,000. Front Street Capital Management Inc. boosted its position in Manitowoc by 14.6% during the first quarter. Front Street Capital Management Inc. now owns 2,313,676 shares of the industrial products company’s stock valued at $34,890,000 after purchasing an additional 295,092 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Manitowoc by 14.5% during the first quarter. Invesco Ltd. now owns 2,227,321 shares of the industrial products company’s stock valued at $33,588,000 after purchasing an additional 281,654 shares during the last quarter. 78.66% of the stock is owned by institutional investors and hedge funds.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.