Manitowoc Co. (NYSE:MTW)’s share price dropped 16.8% on Tuesday . The stock traded as low as $4.82 and last traded at $4.82, with a volume of 9,350,680 shares changing hands. The stock had previously closed at $5.79.

MTW has been the subject of several analyst reports. Citigroup Inc. raised their target price on shares of Manitowoc from $4.50 to $6.00 and gave the company a “neutral” rating in a research note on Friday, May 13th. Vetr raised shares of Manitowoc from a “hold” rating to a “buy” rating and set a $5.95 target price for the company in a research note on Tuesday, May 31st. TheStreet cut shares of Manitowoc from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Zacks Investment Research raised shares of Manitowoc from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a research note on Tuesday, July 5th. Finally, Jefferies Group reissued a “buy” rating and issued a $7.00 target price (up from $5.00) on shares of Manitowoc in a research note on Monday, May 9th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $10.78.

The company has a 50-day moving average price of $5.55 and a 200 day moving average price of $7.33. The company’s market cap is $660.42 million.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $457.70 million for the quarter, compared to analysts’ expectations of $466.92 million. During the same period in the prior year, the company earned $0.22 EPS. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities analysts expect that Manitowoc Co. will post $0.10 EPS for the current fiscal year.

A hedge fund recently raised its stake in Manitowoc stock. California Public Employees Retirement System boosted its position in shares of Manitowoc Co. (NYSE:MTW) by 2.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 352,600 shares of the company’s stock after buying an additional 9,800 shares during the period. California Public Employees Retirement System owned approximately 0.26% of Manitowoc worth $5,412,000 at the end of the most recent quarter.

The Manitowoc Company, Inc (MTW) is a multi-industry, capital goods manufacturer. The Company operates in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.

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