The Manitowoc (NYSE:MTW) Shares Gap Down to $20.81

The Manitowoc Company, Inc. (NYSE:MTW) shares gapped down before the market opened on Thursday . The stock had previously closed at $20.81, but opened at $20.23. The Manitowoc shares last traded at $20.05, with a volume of 3,443 shares changing hands.

MTW has been the subject of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and set a $16.00 price target (down from $17.00) on shares of The Manitowoc in a research report on Tuesday, March 16th. Zacks Investment Research downgraded The Manitowoc from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research report on Friday, February 12th. Citigroup raised their target price on The Manitowoc from $17.00 to $23.00 in a research report on Tuesday, March 16th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their target price on The Manitowoc from $17.00 to $23.00 in a research report on Tuesday, March 16th. Finally, TheStreet raised The Manitowoc from a “d+” rating to a “c-” rating in a research report on Tuesday, February 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $17.89.

The company has a market cap of $694.47 million, a P/E ratio of -61.20, a price-to-earnings-growth ratio of 3.36 and a beta of 2.26. The company has a 50 day moving average of $18.86 and a 200-day moving average of $13.40. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.96 and a quick ratio of 0.76.

The Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Monday, February 8th. The industrial products company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.10. The company had revenue of $430.30 million during the quarter, compared to analyst estimates of $432.82 million. The Manitowoc had a negative return on equity of 1.02% and a negative net margin of 0.79%. During the same quarter last year, the company earned $0.35 earnings per share. Research analysts anticipate that The Manitowoc Company, Inc. will post -0.44 EPS for the current year.

A number of hedge funds have recently modified their holdings of the business. Capital Wealth Planning LLC lifted its stake in The Manitowoc by 6.0% during the fourth quarter. Capital Wealth Planning LLC now owns 17,600 shares of the industrial products company’s stock worth $257,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of The Manitowoc by 1.6% in the 4th quarter. Wells Fargo & Company MN now owns 89,891 shares of the industrial products company’s stock valued at $1,196,000 after acquiring an additional 1,418 shares during the last quarter. ExodusPoint Capital Management LP lifted its stake in shares of The Manitowoc by 10.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 19,084 shares of the industrial products company’s stock valued at $254,000 after acquiring an additional 1,734 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of The Manitowoc by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,919 shares of the industrial products company’s stock valued at $3,347,000 after acquiring an additional 1,865 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of The Manitowoc in the 4th quarter valued at about $29,000. 70.93% of the stock is owned by hedge funds and other institutional investors.

About The Manitowoc (NYSE:MTW)

The Manitowoc Company, Inc provides engineered lifting solutions 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.

Featured Story: What is an economic bubble?

Receive News & Ratings for The Manitowoc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Manitowoc and related companies with MarketBeat.com's FREE daily email newsletter.