Brokerages Set The Manitowoc Company, Inc. (NYSE:MTW) Price Target at $13.22

The Manitowoc Company, Inc. (NYSE:MTW) has received a consensus rating of “Reduce” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $13.22.

A number of equities analysts recently commented on the company. The Goldman Sachs Group reduced their price objective on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research report on Friday, August 9th. UBS Group lowered their price target on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating on the stock in a research report on Wednesday, June 12th. JPMorgan Chase & Co. cut their price objective on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. StockNews.com downgraded shares of Manitowoc from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Finally, Barclays dropped their price target on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, August 9th.

Manitowoc Stock Performance

Shares of MTW stock opened at $9.58 on Thursday. The company has a market capitalization of $340.48 million, a P/E ratio of 12.77 and a beta of 1.85. Manitowoc has a 12-month low of $8.85 and a 12-month high of $17.65. The business’s 50 day moving average is $10.48 and its two-hundred day moving average is $11.72. The company has a current ratio of 1.89, a quick ratio of 0.58 and a debt-to-equity ratio of 0.69.

Manitowoc (NYSE:MTW) last released its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.24). Manitowoc had a net margin of 0.40% and a return on equity of 4.28%. The business had revenue of $562.10 million during the quarter, compared to analyst estimates of $598.00 million. During the same quarter in the previous year, the company posted $0.75 EPS. The firm’s revenue was down 6.8% on a year-over-year basis. Analysts expect that Manitowoc will post 0.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

Institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. purchased a new stake in shares of Manitowoc in the 2nd quarter valued at $8,813,000. Front Street Capital Management Inc. grew its position in Manitowoc by 8.4% in the 2nd quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock valued at $32,361,000 after acquiring an additional 217,389 shares in the last quarter. Bank of Montreal Can purchased a new stake in Manitowoc during the second quarter worth about $2,385,000. TCW Group Inc. lifted its position in shares of Manitowoc by 65.4% during the second quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock worth $4,683,000 after purchasing an additional 160,601 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Manitowoc by 31.1% in the second quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after purchasing an additional 140,042 shares during the period. 78.66% of the stock is owned by hedge funds and other institutional investors.

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.