Manitowoc (NYSE:MTW) Cut to Neutral at Robert W. Baird

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Robert W. Baird cut shares of Manitowoc (NYSE:MTW) from an outperform rating to a neutral rating in a report published on Monday morning, BenzingaRatingsTable reports. They currently have $19.00 price objective on the industrial products company’s stock, down from their previous price objective of $22.00.

Several other analysts also recently weighed in on the company. Royal Bank of Canada downgraded Manitowoc from an outperform rating to a sector perform rating and dropped their price target for the company from $25.00 to $20.00 in a research note on Thursday, July 25th. ValuEngine downgraded Manitowoc from a sell rating to a strong sell rating in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Manitowoc has a consensus rating of Hold and a consensus target price of $18.67.

Manitowoc stock opened at $14.94 on Monday. The company has a current ratio of 1.76, a quick ratio of 0.69 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $17.13. The stock has a market cap of $581.23 million, a P/E ratio of 23.34 and a beta of 2.11. Manitowoc has a fifty-two week low of $13.22 and a fifty-two week high of $26.88.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.42. The business had revenue of $504.70 million for the quarter, compared to the consensus estimate of $509.51 million. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 EPS. Analysts expect that Manitowoc will post 1.39 EPS for the current fiscal year.

In other news, CFO David J. Antoniuk sold 6,014 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $13.96, for a total value of $83,955.44. Following the completion of the transaction, the chief financial officer now owns 37,544 shares of the company’s stock, valued at approximately $524,114.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Raymond James & Associates lifted its holdings in shares of Manitowoc by 6.6% in the 4th quarter. Raymond James & Associates now owns 12,602 shares of the industrial products company’s stock valued at $186,000 after buying an additional 782 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Manitowoc by 20.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock valued at $84,000 after buying an additional 800 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Manitowoc by 12.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,725 shares of the industrial products company’s stock valued at $143,000 after buying an additional 1,000 shares during the period. Legal & General Group Plc lifted its holdings in shares of Manitowoc by 12.1% in the 4th quarter. Legal & General Group Plc now owns 14,095 shares of the industrial products company’s stock valued at $208,000 after buying an additional 1,520 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Manitowoc by 16.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,666 shares of the industrial products company’s stock valued at $205,000 after buying an additional 1,648 shares during the period. 78.56% of the stock is owned by institutional investors and hedge funds.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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