Robert W. Baird Cuts Manitowoc (NYSE:MTW) Price Target to $11.00

Manitowoc (NYSE:MTW) had its target price lowered by Robert W. Baird from $12.00 to $11.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Separately, UBS Group reduced their price target on Manitowoc from $13.00 to $9.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $10.46.

Manitowoc Trading Up 2.3 %

Shares of MTW stock opened at $10.05 on Thursday. Manitowoc has a fifty-two week low of $7.06 and a fifty-two week high of $13.46. The firm’s 50 day moving average price is $8.59 and its two-hundred day moving average price is $9.44. The stock has a market cap of $356.19 million, a price-to-earnings ratio of 6.48 and a beta of 1.92. The company has a quick ratio of 0.60, a current ratio of 1.97 and a debt-to-equity ratio of 0.70.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Tuesday, May 6th. The industrial products company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). Manitowoc had a return on equity of 2.46% and a net margin of 2.56%. The business had revenue of $470.90 million for the quarter, compared to analysts’ expectations of $479.39 million. During the same period last year, the company posted $0.14 earnings per share. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts anticipate that Manitowoc will post 0.5 EPS for the current year.

Insider Transactions at Manitowoc

In other Manitowoc news, CEO Aaron H. Ravenscroft acquired 3,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was purchased at an average price of $8.68 per share, for a total transaction of $26,040.00. Following the purchase, the chief executive officer now directly owns 690,142 shares in the company, valued at $5,990,432.56. This trade represents a 0.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.52% of the company’s stock.

Hedge Funds Weigh In On Manitowoc

Several institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Manitowoc in the fourth quarter valued at $35,000. R Squared Ltd bought a new stake in shares of Manitowoc in the 4th quarter worth about $66,000. Quantbot Technologies LP raised its stake in shares of Manitowoc by 20.9% in the 4th quarter. Quantbot Technologies LP now owns 10,257 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 1,771 shares in the last quarter. LPL Financial LLC lifted its position in shares of Manitowoc by 10.0% during the fourth quarter. LPL Financial LLC now owns 11,374 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 1,030 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Manitowoc by 3,309.6% in the first quarter. GAMMA Investing LLC now owns 12,138 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 11,782 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 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.