Manitowoc (NYSE:MTW) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Manitowoc (NYSE:MTW) had its target price boosted by Wells Fargo & Company from $12.00 to $15.00 in a report released on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 34.05% from the stock’s current price.

MTW has been the subject of several other research reports. Barclays restated an “underweight” rating and issued a $16.00 price target (up from $11.00) on shares of Manitowoc in a research note on Monday, August 10th. Wall Street Zen downgraded Manitowoc from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 25th. Finally, Weiss Ratings raised Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Sell” and an average target price of $15.50.

Manitowoc Stock Performance

MTW traded down $0.46 on Thursday, reaching $22.74. The stock had a trading volume of 226,115 shares, compared to its average volume of 311,619. Manitowoc has a 12-month low of $10.29 and a 12-month high of $25.22. The company has a current ratio of 2.11, a quick ratio of 0.75 and a debt-to-equity ratio of 0.66. The business’s 50-day moving average price is $21.78 and its two-hundred day moving average price is $15.70. The company has a market cap of $820.15 million, a P/E ratio of 32.10 and a beta of 1.78.

Manitowoc (NYSE:MTW) last posted its earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.11. Manitowoc had a net margin of 1.10% and a return on equity of 4.78%. The business had revenue of $613.80 million for the quarter, compared to analyst estimates of $577.00 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Manitowoc will post 1.00 earnings per share for the current year.

Institutional Investors Weigh In On Manitowoc

Several large investors have recently bought and sold shares of the company. Front Street Capital Management Inc. acquired a new position in shares of Manitowoc during the second quarter valued at approximately $44,547,000. Goldstein Advisors LLC lifted its position in shares of Manitowoc by 3,280.8% in the third quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock valued at $14,002,000 after acquiring an additional 633,193 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Manitowoc in the second quarter worth approximately $1,717,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Manitowoc by 37.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock worth $4,673,000 after acquiring an additional 108,347 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Manitowoc by 100.2% during the second quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company’s stock worth $1,754,000 after purchasing an additional 63,215 shares in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.