Manitowoc (NYSE:MTW) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Manitowoc (NYSE:MTW) had its price target decreased by JPMorgan Chase & Co. from $17.00 to $15.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 14.24% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company lowered 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. StockNews.com lowered shares of Manitowoc from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, Manitowoc has an average rating of “Hold” and a consensus target price of $17.33.

Manitowoc Price Performance

Shares of NYSE MTW traded down $0.33 during mid-day trading on Tuesday, hitting $13.13. 21,594 shares of the stock traded hands, compared to its average volume of 257,365. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.83 and a quick ratio of 0.65. Manitowoc has a twelve month low of $12.20 and a twelve month high of $19.81. The company has a market cap of $465.85 million, a PE ratio of 12.02 and a beta of 2.04. The firm has a 50 day simple moving average of $13.98 and a two-hundred day simple moving average of $14.64.

Manitowoc (NYSE:MTW) last announced its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). The business had revenue of $595.80 million during the quarter, compared to analyst estimates of $583.90 million. Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 earnings per share. As a group, equities research analysts forecast that Manitowoc will post 1.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MTW. JPMorgan Chase & Co. lifted its stake in Manitowoc by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 526,525 shares of the industrial products company’s stock worth $7,941,000 after purchasing an additional 12,948 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Manitowoc during the first quarter valued at about $339,000. US Bancorp DE raised its stake in shares of Manitowoc by 43.6% during the first quarter. US Bancorp DE now owns 3,775 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,146 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Manitowoc by 59.8% during the first quarter. MetLife Investment Management LLC now owns 15,934 shares of the industrial products company’s stock valued at $240,000 after acquiring an additional 5,963 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Manitowoc by 2.7% during the first quarter. BlackRock Inc. now owns 3,635,795 shares of the industrial products company’s stock valued at $54,827,000 after acquiring an additional 95,428 shares during the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

About Manitowoc

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.