Manitowoc (NYSE:MTW) Receives “Hold” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their hold rating on shares of Manitowoc (NYSE:MTW) in a report released on Tuesday morning, AnalystRatings.com reports. Royal Bank of Canada currently has a $20.00 price target on the industrial products company’s stock.

A number of other research firms have also recently issued reports on MTW. Robert W. Baird cut shares of Manitowoc from an outperform rating to a neutral rating and cut their target price for the stock from $22.00 to $19.00 in a research note on Monday, August 12th. ValuEngine cut shares of Manitowoc from a sell rating to a strong sell rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. Manitowoc has a consensus rating of Hold and an average price target of $18.67.

NYSE MTW opened at $14.76 on Tuesday. The firm has a 50-day moving average of $17.01 and a 200-day moving average of $16.87. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.69 and a current ratio of 1.78. The stock has a market cap of $566.62 million, a PE ratio of 23.06 and a beta of 2.11. Manitowoc has a 52-week low of $13.22 and a 52-week high of $26.88.

Manitowoc (NYSE:MTW) last posted its earnings results on Thursday, August 8th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.42. The company had revenue of $504.70 million during the quarter, compared to analysts’ expectations of $509.51 million. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. Manitowoc’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.40 EPS. As a group, analysts predict that Manitowoc will post 1.62 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen Asset Management LLC bought a new stake in Manitowoc during the 2nd quarter worth approximately $30,401,000. UBS Asset Management Americas Inc. grew its holdings in Manitowoc by 60.0% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 35,276 shares of the industrial products company’s stock worth $628,000 after acquiring an additional 13,229 shares during the last quarter. Front Street Capital Management Inc. grew its holdings in Manitowoc by 62.9% during the 2nd quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after acquiring an additional 411,197 shares during the last quarter. Paloma Partners Management Co bought a new stake in Manitowoc during the 2nd quarter worth approximately $265,000. Finally, Bank of America Corp DE grew its holdings in Manitowoc by 205.6% during the 2nd quarter. Bank of America Corp DE now owns 276,574 shares of the industrial products company’s stock worth $4,923,000 after acquiring an additional 186,070 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

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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