Manitowoc (MTW) Price Target Cut to $42.00

Manitowoc (NYSE:MTW) had its price target trimmed by Stifel Nicolaus from $48.00 to $42.00 in a report issued on Monday, MarketBeat Ratings reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other equities analysts also recently commented on MTW. SunTrust Banks reiterated a hold rating and set a $28.00 price target on shares of Manitowoc in a report on Friday, October 27th. Royal Bank of Canada upgraded shares of Manitowoc from a sector perform rating to an outperform rating and upped their price target for the company from $30.00 to $48.00 in a report on Wednesday, November 1st. Jefferies Group reiterated a buy rating on shares of Manitowoc in a report on Friday, November 10th. Seaport Global Securities upgraded shares of Manitowoc from a neutral rating to a buy rating and set a $48.00 price target on the stock in a report on Monday, November 20th. Finally, Robert W. Baird reiterated a buy rating and set a $47.00 price target on shares of Manitowoc in a report on Friday, November 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $39.92.

Manitowoc (MTW) opened at $34.89 on Monday. Manitowoc has a fifty-two week low of $21.00 and a fifty-two week high of $44.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.76 and a quick ratio of 0.67.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The firm had revenue of $481.50 million for the quarter, compared to the consensus estimate of $423.27 million. Manitowoc had a net margin of 0.59% and a negative return on equity of 1.59%. The business’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.24) earnings per share. sell-side analysts forecast that Manitowoc will post 0.57 earnings per share for the current year.

In related news, Director Charles David Myers acquired 3,854 shares of the stock in a transaction on Wednesday, November 29th. The stock was bought at an average cost of $39.12 per share, with a total value of $150,768.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Thomas G. Musial sold 4,476 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $33.84, for a total transaction of $151,467.84. Following the completion of the sale, the senior vice president now directly owns 54,319 shares of the company’s stock, valued at $1,838,154.96. The disclosure for this sale can be found here. 2.82% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MTW. Cipher Capital LP purchased a new stake in shares of Manitowoc in the 3rd quarter worth approximately $109,000. Invictus RG purchased a new stake in shares of Manitowoc in the 3rd quarter worth approximately $124,000. SeaCrest Wealth Management LLC purchased a new stake in shares of Manitowoc in the 4th quarter worth approximately $129,000. 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 worth $145,000 after purchasing an additional 572 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Manitowoc by 14.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 30,051 shares of the industrial products company’s stock worth $180,000 after purchasing an additional 3,733 shares during the period.

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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.

Analyst Recommendations for Manitowoc (NYSE:MTW)

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