Barclays Trims Manitowoc (NYSE:MTW) Target Price to $12.00

Manitowoc (NYSE:MTW) had its target price decreased by Barclays from $15.00 to $12.00 in a report released on Monday morning, Benzinga reports. Barclays currently has an underweight rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company reduced their price target on shares of Manitowoc from $17.00 to $16.00 and set an equal weight rating on the stock in a report on Friday, February 16th. JPMorgan Chase & Co. cut their price objective on shares of Manitowoc from $17.00 to $15.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Finally, StockNews.com lowered shares of Manitowoc from a buy rating to a hold rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $16.83.

Manitowoc Stock Performance

Shares of MTW opened at $13.06 on Monday. Manitowoc has a 12-month low of $12.20 and a 12-month high of $19.81. The stock has a market cap of $463.37 million, a P/E ratio of 11.98 and a beta of 2.04. The company has a current ratio of 1.83, a quick ratio of 0.65 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $13.45 and a two-hundred day moving average of $14.56.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The business had revenue of $595.80 million during the quarter, compared to analysts’ expectations of $583.90 million. During the same period last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. As a group, research analysts predict that Manitowoc will post 1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Manitowoc

Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank increased its position in Manitowoc by 1.7% during the third quarter. Swiss National Bank now owns 77,250 shares of the industrial products company’s stock worth $1,163,000 after purchasing an additional 1,300 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Manitowoc by 3.8% in the third quarter. AQR Capital Management LLC now owns 351,371 shares of the industrial products company’s stock worth $5,288,000 after acquiring an additional 12,958 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Manitowoc by 1,292.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 516,774 shares of the industrial products company’s stock worth $8,625,000 after acquiring an additional 479,662 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Manitowoc by 3.7% in the third quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock worth $33,223,000 after acquiring an additional 79,213 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Manitowoc by 24.7% in the fourth quarter. SG Americas Securities LLC now owns 19,859 shares of the industrial products company’s stock worth $331,000 after acquiring an additional 3,937 shares in the last quarter. Institutional investors and hedge funds 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.