Manitowoc (NYSE:MTW) Given New $15.00 Price Target at Wells Fargo & Company

Manitowoc (NYSE:MTW) had its price objective raised by Wells Fargo & Company from $12.00 to $15.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the industrial products company’s stock.

MTW has been the topic of a number of other research reports. Wall Street Zen cut Manitowoc from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 25th. Barclays reiterated an “underweight” rating and issued a $16.00 target price (up from $11.00) on shares of Manitowoc in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Manitowoc currently has an average rating of “Sell” and an average target price of $15.50.

Manitowoc Stock Performance

Shares of MTW stock opened at $21.57 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11. The firm has a market capitalization of $777.63 million, a price-to-earnings ratio of 30.37 and a beta of 1.78. Manitowoc has a one year low of $10.29 and a one year high of $25.22. The company has a 50 day moving average price of $21.82 and a 200 day moving average price of $15.74.

Manitowoc (NYSE:MTW) last issued its earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.11. Manitowoc had a return on equity of 4.78% and a net margin of 1.10%. The business had revenue of $613.80 million for the quarter, compared to analyst estimates of $577.00 million. During the same period last year, the company posted $0.14 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts anticipate that Manitowoc will post 1.08 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MTW. Front Street Capital Management Inc. bought a new position in Manitowoc during the 2nd quarter worth $44,547,000. Dimensional Fund Advisors LP increased its position in Manitowoc by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,938,750 shares of the industrial products company’s stock worth $22,586,000 after buying an additional 12,863 shares during the period. Goldstein Advisors LLC lifted its stake in Manitowoc by 3,280.8% in the third quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock valued at $14,002,000 after buying an additional 633,193 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Manitowoc by 37.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock valued at $4,673,000 after buying an additional 108,347 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in Manitowoc by 8.6% in the first quarter. Empowered Funds LLC now owns 224,437 shares of the industrial products company’s stock valued at $2,615,000 after buying an additional 17,694 shares during the last quarter. Institutional investors and hedge funds own 78.66% of the company’s stock.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.