Royal Bank of Canada Cuts Manitowoc (MTW) Price Target to $35.00

Manitowoc (NYSE:MTW) had its price target cut by Royal Bank of Canada to $35.00 in a research report sent to investors on Wednesday morning, The Fly reports. They currently have an outperform rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

Other analysts also recently issued reports about the stock. Seaport Global Securities set a $31.00 price objective on shares of Manitowoc and gave the stock a buy rating in a report on Wednesday, August 8th. Stifel Nicolaus reaffirmed a buy rating and set a $33.00 price objective on shares of Manitowoc in a report on Sunday, August 12th. Macquarie upped their price objective on shares of Manitowoc from $25.00 to $27.00 and gave the stock a neutral rating in a report on Wednesday, August 8th. Citigroup decreased their price objective on shares of Manitowoc from $28.00 to $27.00 and set a neutral rating for the company in a report on Wednesday, August 8th. Finally, Robert W. Baird raised shares of Manitowoc from a neutral rating to an outperform rating and set a $32.00 price objective for the company in a report on Thursday, September 20th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $30.50.

Shares of NYSE MTW traded down $0.49 during trading hours on Wednesday, hitting $19.12. 359,194 shares of the stock were exchanged, compared to its average volume of 631,941. The company has a current ratio of 1.75, a quick ratio of 0.73 and a debt-to-equity ratio of 0.39. The company has a market cap of $716.70 million, a P/E ratio of -73.54 and a beta of 1.62. Manitowoc has a one year low of $16.74 and a one year high of $44.03.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Monday, November 5th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.12. The business had revenue of $450.10 million during the quarter, compared to the consensus estimate of $452.64 million. Manitowoc had a net margin of 2.56% and a return on equity of 1.80%. Manitowoc’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.37 EPS. Equities research analysts forecast that Manitowoc will post 0.58 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of the business. Quantum Capital Management bought a new stake in Manitowoc in the 3rd quarter valued at $207,000. Prudential Financial Inc. bought a new stake in Manitowoc in the 3rd quarter valued at $998,000. Gamco Investors INC. ET AL bought a new stake in Manitowoc in the 3rd quarter valued at $256,000. Wells Fargo & Company MN boosted its holdings in Manitowoc by 5.2% in the 3rd quarter. Wells Fargo & Company MN now owns 63,518 shares of the industrial products company’s stock valued at $1,525,000 after purchasing an additional 3,111 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Manitowoc by 72.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,667,174 shares of the industrial products company’s stock valued at $39,996,000 after purchasing an additional 699,680 shares during the period. 79.78% of the stock is owned by hedge funds and other institutional investors.

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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