Manitowoc (MTW) Coverage Initiated at Barclays
Equities researchers at Barclays initiated coverage on shares of Manitowoc (NYSE:MTW) in a note issued to investors on Tuesday. The firm set an “overweight” rating and a $45.00 price target on the industrial products company’s stock. Barclays’ price target would suggest a potential upside of 13.67% from the company’s current price.
Several other research firms have also recently issued reports on MTW. SunTrust Banks reiterated a “hold” rating and issued a $28.00 price objective on shares of Manitowoc in a report on Friday, October 27th. Stifel Nicolaus increased their target price on shares of Manitowoc from $36.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, November 8th. Jefferies Group reissued a “buy” rating on shares of Manitowoc in a research note on Friday, November 10th. Citigroup increased their target price on shares of Manitowoc from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Finally, Zacks Investment Research raised shares of Manitowoc from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Monday, September 11th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $37.89.
Manitowoc (NYSE MTW) traded up $0.29 on Tuesday, reaching $39.59. 454,600 shares of the company traded hands, compared to its average volume of 421,219. Manitowoc has a 52-week low of $21.00 and a 52-week high of $42.12. The company has a current ratio of 1.76, a quick ratio of 0.67 and a debt-to-equity ratio of 0.44.
Manitowoc (NYSE:MTW) last posted its earnings results on Monday, November 6th. The industrial products company reported $0.36 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.44. The firm had revenue of $399.40 million during the quarter, compared to analysts’ expectations of $385.01 million. Manitowoc had a negative net margin of 4.01% and a negative return on equity of 6.17%. Manitowoc’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.12) EPS. sell-side analysts predict that Manitowoc will post -0.19 earnings per share for the current fiscal year.
In other news, Director Charles David Myers purchased 3,854 shares of Manitowoc stock in a transaction that occurred on Wednesday, November 29th. The stock was acquired at an average price of $39.12 per share, for a total transaction of $150,768.48. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 2.82% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. Advisor Group Inc. lifted its position in shares of Manitowoc by 2.4% in the 2nd quarter. Advisor Group Inc. now owns 24,120 shares of the industrial products company’s stock valued at $145,000 after acquiring an additional 572 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Manitowoc by 1.6% in the 1st quarter. Bank of America Corp DE now owns 90,840 shares of the industrial products company’s stock valued at $518,000 after acquiring an additional 1,391 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of Manitowoc by 1.8% in the 2nd quarter. Nationwide Fund Advisors now owns 106,310 shares of the industrial products company’s stock valued at $639,000 after acquiring an additional 1,926 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Manitowoc by 1.1% in the 2nd quarter. Rhumbline Advisers now owns 175,558 shares of the industrial products company’s stock valued at $1,055,000 after acquiring an additional 1,977 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in Manitowoc by 8.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 34,431 shares of the industrial products company’s stock worth $207,000 after buying an additional 2,720 shares in the last quarter.
Manitowoc Company Profile
The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.
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