Manitowoc (NYSE:MTW) Receives Buy Rating from Shore Capital

Shore Capital reissued their buy rating on shares of Manitowoc (NYSE:MTW) in a report issued on Monday, Stock Target Advisor reports.

A number of other equities research analysts also recently weighed in on MTW. Royal Bank of Canada restated a hold rating and issued a $20.00 price target on shares of Manitowoc in a research note on Tuesday, August 13th. OTR Global downgraded shares of Manitowoc from a mixed rating to a negative rating in a research report on Tuesday, September 10th. Zacks Investment Research downgraded shares of Manitowoc from a buy rating to a hold rating and set a $17.00 target price on the stock. in a research report on Tuesday, August 13th. Dougherty & Co assumed coverage on shares of Manitowoc in a research report on Wednesday, August 28th. They set a neutral rating on the stock. Finally, Citigroup downgraded shares of Manitowoc from a neutral rating to a sell rating and cut their target price for the stock from $16.00 to $10.00 in a research report on Tuesday, October 15th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Manitowoc currently has a consensus rating of Hold and a consensus price target of $16.20.

Shares of MTW traded down $0.04 during mid-day trading on Monday, reaching $12.05. The company had a trading volume of 11,020 shares, compared to its average volume of 338,051. The company’s 50 day simple moving average is $12.32 and its 200 day simple moving average is $15.36. Manitowoc has a 1-year low of $10.49 and a 1-year high of $22.00. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.70 and a current ratio of 1.78. The company has a market capitalization of $427.38 million, a price-to-earnings ratio of 18.77, a P/E/G ratio of 0.70 and a beta of 2.13.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.42. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. The company had revenue of $504.70 million for the quarter, compared to the consensus estimate of $509.51 million. During the same period last year, the company posted $0.40 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts forecast that Manitowoc will post 1.7 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of MTW. Nuveen Asset Management LLC acquired a new position in shares of Manitowoc in the 2nd quarter worth approximately $30,401,000. Invesco Ltd. lifted its position in shares of Manitowoc by 591.2% in the 2nd quarter. Invesco Ltd. now owns 595,125 shares of the industrial products company’s stock worth $10,594,000 after purchasing an additional 509,025 shares during the period. Front Street Capital Management Inc. lifted its position in shares of Manitowoc by 62.9% in the 2nd quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after purchasing an additional 411,197 shares during the period. Bank of America Corp DE lifted its position in shares of Manitowoc by 205.6% in the 2nd quarter. Bank of America Corp DE now owns 276,574 shares of the industrial products company’s stock worth $4,923,000 after purchasing an additional 186,070 shares during the period. Finally, Price Capital Management Inc. acquired a new position in shares of Manitowoc in the 2nd quarter worth approximately $2,808,000. Institutional investors and hedge funds own 78.78% of the company’s stock.

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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Analyst Recommendations for Manitowoc (NYSE:MTW)

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