Manitowoc (NYSE:MTW) Price Target Lowered to $12.00 at Robert W. Baird

Manitowoc (NYSE:MTW) had its price objective lowered by Robert W. Baird from $13.00 to $12.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the company. StockNews.com lowered Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group cut their price objective on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Barclays lowered their price target on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, Manitowoc currently has an average rating of “Hold” and an average price target of $12.47.

Manitowoc Stock Down 4.7 %

MTW stock traded down $0.44 during mid-day trading on Friday, reaching $8.90. The company had a trading volume of 492,228 shares, compared to its average volume of 270,273. The company has a market capitalization of $312.57 million, a price-to-earnings ratio of -32.96 and a beta of 1.84. The stock has a 50 day simple moving average of $9.66 and a two-hundred day simple moving average of $10.91. Manitowoc has a 52 week low of $8.50 and a 52 week high of $17.65. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.89 and a quick ratio of 0.58.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.18). Manitowoc had a negative net margin of 0.40% and a positive return on equity of 2.41%. The business had revenue of $524.80 million during the quarter, compared to analyst estimates of $516.49 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities analysts predict that Manitowoc will post 0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Manitowoc

Several institutional investors and hedge funds have recently added to or reduced their stakes in MTW. Allspring Global Investments Holdings LLC grew its position in shares of Manitowoc by 183.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 7,441 shares during the period. Empowered Funds LLC raised its position in Manitowoc by 8.2% in the first quarter. Empowered Funds LLC now owns 148,404 shares of the industrial products company’s stock valued at $2,098,000 after purchasing an additional 11,200 shares during the period. Isthmus Partners LLC lifted its stake in Manitowoc by 44.4% during the 1st quarter. Isthmus Partners LLC now owns 211,217 shares of the industrial products company’s stock worth $2,987,000 after acquiring an additional 64,962 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Manitowoc by 63.7% in the first quarter. Avantax Advisory Services Inc. now owns 36,847 shares of the industrial products company’s stock worth $521,000 after acquiring an additional 14,337 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Manitowoc during the first quarter worth approximately $245,000. Hedge funds and other institutional investors own 78.66% of the company’s stock.

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.