Manitowoc (NYSE:MTW) Price Target Lowered to $12.00 at Barclays

Manitowoc (NYSE:MTW) had its price target decreased by Barclays from $15.00 to $12.00 in a report released on Monday, Benzinga reports. Barclays currently has an underweight rating on the industrial products company’s stock.

A number of other research firms also recently issued reports on MTW. StockNews.com downgraded shares of Manitowoc from a buy rating to a hold rating in a research report on Thursday, February 22nd. Wells Fargo & Company reduced their price target on shares of Manitowoc from $17.00 to $16.00 and set an equal weight rating on the stock in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Manitowoc from $17.00 to $15.00 and set a neutral rating on the stock in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $16.83.

Manitowoc Price Performance

Shares of MTW stock opened at $12.78 on Monday. The firm has a market cap of $453.43 million, a P/E ratio of 11.72 and a beta of 2.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.83 and a quick ratio of 0.65. Manitowoc has a 1-year low of $12.20 and a 1-year high of $19.81. The firm has a fifty day moving average of $13.57 and a two-hundred day moving average of $14.58.

Manitowoc (NYSE:MTW) last posted its quarterly 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 return on equity of 9.44% and a net margin of 1.76%. The business had revenue of $595.80 million during the quarter, compared to the consensus estimate of $583.90 million. During the same quarter in the previous year, the business posted $0.74 earnings per share. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. As a group, research analysts anticipate that Manitowoc will post 1.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AJOVista LLC purchased a new position in Manitowoc during the fourth quarter valued at approximately $69,000. Allspring Global Investments Holdings LLC grew its position in Manitowoc by 19.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,139 shares of the industrial products company’s stock valued at $77,000 after purchasing an additional 823 shares in the last quarter. Arizona State Retirement System purchased a new position in Manitowoc during the third quarter valued at approximately $151,000. Spire Wealth Management purchased a new position in Manitowoc during the third quarter valued at approximately $174,000. Finally, Commonwealth Equity Services LLC acquired a new stake in Manitowoc in the third quarter valued at approximately $178,000. 78.66% of the stock is owned by hedge funds and other institutional investors.

About Manitowoc

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.