Manitowoc (NYSE:MTW) Price Target Cut to $13.00

Manitowoc (NYSE:MTW) had its target price reduced by equities research analysts at The Goldman Sachs Group from $15.00 to $13.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “sell” rating on the industrial products company’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 18.29% from the stock’s previous close.

Several other equities analysts have also recently issued reports on MTW. Barclays decreased their price target on shares of Manitowoc from $15.00 to $12.00 and set an “underweight” rating for the company in a research report on Monday, April 22nd. UBS Group decreased their price target on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating for the company in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.75.

Manitowoc Price Performance

MTW stock opened at $10.99 on Thursday. The company has a 50 day simple moving average of $11.60 and a 200 day simple moving average of $13.48. The stock has a market cap of $390.58 million, a price-to-earnings ratio of 14.65 and a beta of 1.91. Manitowoc has a 1 year low of $10.01 and a 1 year high of $19.81. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.77 and a quick ratio of 0.59.

Manitowoc (NYSE:MTW) last released its quarterly earnings data on Tuesday, May 7th. The industrial products company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.04). The company had revenue of $495.10 million for the quarter, compared to analyst estimates of $496.93 million. Manitowoc had a return on equity of 7.33% and a net margin of 1.23%. Manitowoc’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. Research analysts anticipate that Manitowoc will post 1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MTW. Vanguard Group Inc. boosted its stake in Manitowoc by 3.7% during the third quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock worth $33,223,000 after acquiring an additional 79,213 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Manitowoc by 24.7% in the fourth quarter. SG Americas Securities LLC now owns 19,859 shares of the industrial products company’s stock valued at $331,000 after buying an additional 3,937 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Manitowoc by 1,292.5% in 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 buying an additional 479,662 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Manitowoc by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 386,958 shares of the industrial products company’s stock valued at $6,458,000 after buying an additional 119,074 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Manitowoc by 18.1% in the fourth quarter. New York State Common Retirement Fund now owns 17,657 shares of the industrial products company’s stock valued at $295,000 after buying an additional 2,702 shares in the last quarter. 78.66% of the stock is owned by 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.