Manitowoc Co. (MTW) Trading Down 16.8%
Manitowoc Co. (NYSE:MTW)’s share price fell 16.8% on Tuesday . The company traded as low as $4.82 and last traded at $4.82, with a volume of 9,350,680 shares. The stock had previously closed at $5.79.
A number of brokerages have weighed in on MTW. Stifel Nicolaus boosted their target price on shares of Manitowoc from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, May 9th. Robert W. Baird reaffirmed a “hold” rating on shares of Manitowoc in a research note on Sunday, May 8th. Citigroup Inc. boosted their target price on shares of Manitowoc from $4.50 to $6.00 and gave the stock a “neutral” rating in a research note on Friday, May 13th. Vetr raised shares of Manitowoc from a “sell” rating to a “hold” rating and set a $5.95 target price for the company in a research note on Thursday, May 12th. Finally, TheStreet downgraded shares of Manitowoc from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $10.75.
The firm’s 50-day moving average is $5.49 and its 200-day moving average is $7.25. The company’s market capitalization is $656.21 million.
Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. During the same quarter in the previous year, the business posted $0.22 earnings per share. The company earned $457.70 million during the quarter, compared to analyst estimates of $466.92 million. The company’s revenue for the quarter 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.
An institutional investor recently raised its position in Manitowoc stock. California Public Employees Retirement System raised its stake in Manitowoc Co. (NYSE:MTW) by 2.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 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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