Manitex International, Inc. (NASDAQ:MNTX) Raised to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Manitex International, Inc. (NASDAQ:MNTX) from a hold rating to a strong-buy rating in a report published on Wednesday. The firm currently has $9.50 price target on the industrial products company’s stock.

According to Zacks, “MANITEX INTERNATIONAL INC is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles. Through their subsidiaries, they manufacture and market a comprehensive line of boom trucks and sign cranes. Their boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary, which includes the Noble forklift product line, manufactures and sells a complete line of rough terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. “

Several other analysts also recently weighed in on MNTX. Roth Capital set a $10.00 price target on shares of Manitex International and gave the stock a buy rating in a research note on Thursday, June 8th. ValuEngine downgraded shares of Manitex International from a hold rating to a sell rating in a research note on Tuesday, July 25th.

Manitex International (NASDAQ MNTX) opened at 8.20 on Wednesday. Manitex International has a 52 week low of $4.98 and a 52 week high of $9.89. The stock has a 50 day moving average price of $7.27 and a 200-day moving average price of $7.39. The company’s market capitalization is $135.76 million.

Manitex International (NASDAQ:MNTX) last posted its quarterly earnings results on Thursday, August 3rd. The industrial products company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.08. The business had revenue of $51.60 million during the quarter, compared to the consensus estimate of $44.35 million. Manitex International had a negative net margin of 15.69% and a positive return on equity of 2.50%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 earnings per share. On average, equities analysts predict that Manitex International will post $0.19 earnings per share for the current fiscal year.

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Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in Manitex International during the fourth quarter valued at $1,119,000. WealthTrust Axiom LLC boosted its position in Manitex International by 12.8% in the first quarter. WealthTrust Axiom LLC now owns 830,262 shares of the industrial products company’s stock worth $5,562,000 after buying an additional 93,996 shares during the last quarter. Essex Investment Management Co. LLC boosted its position in Manitex International by 73.5% in the first quarter. Essex Investment Management Co. LLC now owns 173,224 shares of the industrial products company’s stock worth $1,161,000 after buying an additional 73,382 shares during the last quarter. Shaker Investments LLC OH boosted its position in Manitex International by 82.4% in the first quarter. Shaker Investments LLC OH now owns 98,300 shares of the industrial products company’s stock worth $659,000 after buying an additional 44,400 shares during the last quarter. Finally, Boston Partners boosted its position in Manitex International by 41.5% in the first quarter. Boston Partners now owns 530,789 shares of the industrial products company’s stock worth $3,556,000 after buying an additional 155,704 shares during the last quarter. 66.06% of the stock is owned by institutional investors and hedge funds.

About Manitex International

Manitex International, Inc is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries.

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