Manitowoc (NYSE:MTW) Shares Down 8.1%

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Manitowoc Company Inc (NYSE:MTW)’s stock price fell 8.1% during mid-day trading on Friday . The stock traded as low as $13.00 and last traded at $13.12, 501,354 shares traded hands during trading. An increase of 17% from the average session volume of 428,378 shares. The stock had previously closed at $14.28.

Several brokerages have recently issued reports on MTW. Robert W. Baird downgraded shares of Manitowoc from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $22.00 to $19.00 in a report on Monday, August 12th. Zacks Investment Research downgraded shares of Manitowoc from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a report on Tuesday, August 13th. ValuEngine downgraded Manitowoc from a “sell” rating to a “strong sell” rating in a report on Friday, May 10th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $20.00 price objective on shares of Manitowoc in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $18.67.

The firm has a market capitalization of $504.76 million, a price-to-earnings ratio of 20.50 and a beta of 2.11. The stock has a fifty day moving average of $16.56 and a two-hundred day moving average of $16.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.78 and a quick ratio of 0.70.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.42. The business had revenue of $504.70 million during 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%. Manitowoc’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. On average, research analysts forecast that Manitowoc Company Inc will post 1.69 EPS for the current year.

In related news, CFO David J. Antoniuk sold 6,014 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 37,544 shares in the company, valued at $524,114.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its holdings in shares of Manitowoc by 37.0% in the fourth quarter. Bank of America Corp DE now owns 47,246 shares of the industrial products company’s stock valued at $697,000 after buying an additional 12,753 shares during the period. Legal & General Group Plc lifted its holdings in shares of Manitowoc by 12.1% in the fourth 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. Dimensional Fund Advisors LP lifted its holdings in shares of Manitowoc by 11.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,891,463 shares of the industrial products company’s stock valued at $42,707,000 after buying an additional 304,977 shares during the period. Norges Bank acquired a new stake in shares of Manitowoc in the fourth quarter valued at $389,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Manitowoc by 12.9% in the first 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. Institutional investors and hedge funds own 77.46% of the company’s stock.

About Manitowoc (NYSE:MTW)

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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