State Street Corp Buys 64,101 Shares of The Manitowoc Company, Inc. (NYSE:MTW)

State Street Corp boosted its holdings in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 8.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 852,093 shares of the industrial products company’s stock after buying an additional 64,101 shares during the quarter. State Street Corp’s holdings in Manitowoc were worth $8,197,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. acquired a new position in Manitowoc in the 2nd quarter worth approximately $8,813,000. Front Street Capital Management Inc. raised its holdings 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 during the last quarter. Bank of Montreal Can acquired a new position in Manitowoc in the 2nd quarter valued at about $2,385,000. AQR Capital Management LLC grew its holdings in shares of Manitowoc by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock worth $6,810,000 after purchasing an additional 140,042 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Manitowoc by 33.6% during the 2nd quarter. American Century Companies Inc. now owns 262,603 shares of the industrial products company’s stock worth $3,028,000 after purchasing an additional 66,013 shares during the last quarter. 78.66% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Stock Down 2.0 %

MTW stock opened at $8.77 on Friday. The Manitowoc Company, Inc. has a 12 month low of $8.50 and a 12 month high of $17.65. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.97 and a quick ratio of 0.60. The company has a market cap of $308.06 million, a price-to-earnings ratio of -32.48 and a beta of 1.83. The company has a fifty day moving average price of $9.96 and a 200 day moving average price of $10.24.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.14). Manitowoc had a positive return on equity of 2.40% and a negative net margin of 0.40%. The company had revenue of $524.80 million for the quarter, compared to analyst estimates of $516.49 million. During the same period in the previous year, the business posted $0.22 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Sell-side analysts expect that The Manitowoc Company, Inc. will post 0.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MTW shares. JPMorgan Chase & Co. boosted their price objective on Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Robert W. Baird reduced their price objective on shares of Manitowoc from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com upgraded shares of Manitowoc from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, Manitowoc presently has a consensus rating of “Hold” and a consensus price target of $12.47.

Manitowoc 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.