Los Angeles Capital Management LLC Reduces Stock Position in The Manitowoc Company, Inc. (NYSE:MTW)

Los Angeles Capital Management LLC cut its stake in The Manitowoc Company, Inc. (NYSE:MTW) by 14.6% in the second quarter, Holdings Channel.com reports. The firm owned 119,025 shares of the industrial products company’s stock after selling 20,360 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Manitowoc were worth $1,372,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of Manitowoc in the second quarter valued at approximately $26,000. CWM LLC grew its position in shares of Manitowoc by 97.0% in the second quarter. CWM LLC now owns 3,010 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 1,482 shares in the last quarter. Inlet Private Wealth LLC purchased a new stake in shares of Manitowoc in the first quarter valued at approximately $141,000. Allspring Global Investments Holdings LLC grew its position in shares of Manitowoc by 183.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 7,441 shares in the last quarter. Finally, Strong Tower Advisory Services purchased a new stake in shares of Manitowoc in the second quarter valued at approximately $173,000. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Manitowoc Stock Up 0.7 %

NYSE:MTW opened at $9.15 on Thursday. The company has a quick ratio of 0.58, a current ratio of 1.89 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average is $10.60 and its two-hundred day moving average is $11.90. The Manitowoc Company, Inc. has a 52 week low of $8.85 and a 52 week high of $17.65. The stock has a market capitalization of $325.20 million, a price-to-earnings ratio of 12.20 and a beta of 1.85.

Manitowoc (NYSE:MTW) last released its quarterly earnings results 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 return on equity of 4.28% and a net margin of 0.40%. The firm had revenue of $562.10 million for the quarter, compared to analyst estimates of $598.00 million. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. Research analysts anticipate that The Manitowoc Company, Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. UBS Group dropped their price target on Manitowoc from $18.00 to $14.50 and set a “neutral” rating for the company in a research report on Wednesday, June 12th. Barclays lowered their price objective on Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. lowered their price objective on 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 lowered Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group lowered their price objective on Manitowoc from $13.00 to $11.30 and set a “sell” rating for the company in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.22.

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.