Royal Bank of Canada Trims Manitowoc (MTW) Target Price to $35.00

Manitowoc (NYSE:MTW) had its target price reduced by Royal Bank of Canada to $35.00 in a research report released on Wednesday morning, The Fly reports. They currently have an outperform rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

A number of other research analysts also recently issued reports on MTW. Seaport Global Securities set a $31.00 price target on Manitowoc and gave the company a buy rating in a report on Wednesday, August 8th. ValuEngine downgraded Manitowoc from a hold rating to a sell rating in a report on Friday, August 3rd. Zacks Investment Research upgraded Manitowoc from a hold rating to a strong-buy rating and set a $31.00 price target on the stock in a report on Tuesday, July 10th. Citigroup reduced their price target on Manitowoc from $28.00 to $27.00 and set a neutral rating on the stock in a report on Wednesday, August 8th. Finally, Macquarie boosted their price target on Manitowoc from $25.00 to $27.00 and gave the company a neutral rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $30.50.

Shares of MTW traded down $0.53 during trading hours on Wednesday, hitting $19.61. The company had a trading volume of 407,301 shares, compared to its average volume of 560,776. Manitowoc has a 52-week low of $16.74 and a 52-week high of $44.03. The company has a market cap of $714.99 million, a P/E ratio of -75.35 and a beta of 1.62. The company has a current ratio of 1.65, a quick ratio of 0.73 and a debt-to-equity ratio of 0.40.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Monday, November 5th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.12. Manitowoc had a return on equity of 1.81% and a net margin of 2.56%. The company had revenue of $450.10 million for the quarter, compared to the consensus estimate of $452.64 million. During the same quarter in the previous year, the business earned $0.37 EPS. Manitowoc’s revenue was up 12.7% compared to the same quarter last year. Equities research analysts forecast that Manitowoc will post 0.52 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of MTW. Victory Capital Management Inc. boosted its position in Manitowoc by 72.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,667,174 shares of the industrial products company’s stock valued at $39,996,000 after acquiring an additional 699,680 shares in the last quarter. Rutabaga Capital Management LLC MA boosted its position in Manitowoc by 46.8% during the 2nd quarter. Rutabaga Capital Management LLC MA now owns 661,424 shares of the industrial products company’s stock valued at $17,104,000 after acquiring an additional 210,827 shares in the last quarter. BlackRock Inc. boosted its position in Manitowoc by 8.8% during the 2nd quarter. BlackRock Inc. now owns 2,459,641 shares of the industrial products company’s stock valued at $63,605,000 after acquiring an additional 197,928 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Manitowoc by 31.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 359,964 shares of the industrial products company’s stock valued at $9,306,000 after acquiring an additional 85,685 shares in the last quarter. Finally, Royce & Associates LP bought a new stake in Manitowoc during the 2nd quarter valued at approximately $1,526,000. 79.78% of the stock is currently owned by institutional investors and hedge funds.

About Manitowoc

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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