Manitowoc (NYSE:MTW) PT Lowered to $15.00

Manitowoc (NYSE:MTW) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $17.00 to $15.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 16.19% from the stock’s current price.

A number of other brokerages have also issued reports on MTW. Wells Fargo & Company cut their target price on Manitowoc from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Friday, February 16th. StockNews.com lowered Manitowoc from a “buy” rating to a “hold” rating in a research report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Manitowoc presently has a consensus rating of “Hold” and an average target price of $17.33.

Manitowoc Stock Performance

Manitowoc stock opened at $12.91 on Tuesday. The stock’s 50 day moving average price is $13.83 and its 200 day moving average price is $14.61. The firm has a market capitalization of $458.05 million, a PE ratio of 11.84 and a beta of 2.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.65 and a current ratio of 1.83. Manitowoc has a one year low of $12.20 and a one year high of $19.81.

Manitowoc (NYSE:MTW) last announced its earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The business had revenue of $595.80 million during the quarter, compared to analyst estimates of $583.90 million. During the same period in the previous year, the company earned $0.74 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. As a group, sell-side analysts expect that Manitowoc will post 1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

A number of institutional investors have recently made changes to their positions in MTW. Assenagon Asset Management S.A. increased its holdings in shares of Manitowoc by 1,292.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 516,774 shares of the industrial products company’s stock valued at $8,625,000 after acquiring an additional 479,662 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Manitowoc by 2,304.0% in the 2nd quarter. Millennium Management LLC now owns 422,527 shares of the industrial products company’s stock valued at $4,449,000 after acquiring an additional 404,951 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Manitowoc in the 3rd quarter valued at approximately $2,674,000. Front Street Capital Management Inc. increased its holdings in shares of Manitowoc by 14.6% in the 1st quarter. Front Street Capital Management Inc. now owns 2,313,676 shares of the industrial products company’s stock valued at $34,890,000 after acquiring an additional 295,092 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Manitowoc by 14.5% in the 1st quarter. Invesco Ltd. now owns 2,227,321 shares of the industrial products company’s stock valued at $33,588,000 after acquiring an additional 281,654 shares during the last quarter. 78.66% of the stock is currently owned by 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.