Manitowoc (NYSE:MTW) Stock Gets Price Target Boost from Wells Fargo & Company

Manitowoc (NYSE:MTW) had its price target boosted by stock analysts at Wells Fargo & Company from $12.00 to $15.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 32.77% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Barclays restated an “underweight” rating and issued a $16.00 price objective (up from $11.00) on shares of Manitowoc in a research report on Monday, August 10th. Weiss Ratings raised shares of Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen lowered shares of Manitowoc from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 25th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Manitowoc currently has a consensus rating of “Sell” and an average target price of $17.50.

Manitowoc Price Performance

Manitowoc stock traded up $0.64 during midday trading on Thursday, hitting $22.31. 438,176 shares of the company’s stock were exchanged, compared to its average volume of 346,508. Manitowoc has a 52-week low of $10.29 and a 52-week high of $25.22. The stock has a 50-day moving average price of $21.89 and a two-hundred day moving average price of $15.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11. The company has a market cap of $804.61 million, a P/E ratio of 31.43 and a beta of 1.78.

Manitowoc (NYSE:MTW) last announced its earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. Manitowoc had a return on equity of 3.86% and a net margin of 0.87%. The business had revenue of $613.80 million for the quarter, compared to analyst estimates of $577.00 million. During the same period in the prior year, the company earned $0.14 EPS. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts forecast that Manitowoc will post 1.08 earnings per share for the current year.

Hedge Funds Weigh In On Manitowoc

Hedge funds and other institutional investors have recently modified their holdings of the company. Front Street Capital Management Inc. purchased a new position in shares of Manitowoc during the 2nd quarter valued at about $44,547,000. Goldstein Advisors LLC grew its position in Manitowoc by 3,280.8% during the third quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock valued at $14,002,000 after acquiring an additional 633,193 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Manitowoc during the second quarter valued at approximately $1,717,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Manitowoc by 37.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock worth $4,673,000 after acquiring an additional 108,347 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Manitowoc by 100.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company’s stock worth $1,754,000 after acquiring an additional 63,215 shares during the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.