Metropolitan Life Insurance Co. NY reduced its stake in shares of The Manitowoc Company (NYSE:MTW) by 88.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 10,139 shares of the industrial products company’s stock after selling 80,422 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in The Manitowoc were worth $399,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of MTW. Hennessy Advisors Inc. bought a new stake in The Manitowoc during the 4th quarter worth approximately $29,631,000. Dimensional Fund Advisors LP increased its holdings in The Manitowoc by 5.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,113,220 shares of the industrial products company’s stock worth $82,019,000 after purchasing an additional 465,797 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in The Manitowoc by 6,356.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 241,932 shares of the industrial products company’s stock worth $2,172,000 after purchasing an additional 238,185 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in The Manitowoc during the 4th quarter worth approximately $9,247,000. Finally, University of Notre Dame DU Lac bought a new stake in The Manitowoc during the 4th quarter worth approximately $7,263,000. 79.14% of the stock is owned by hedge funds and other institutional investors.
In related news, SVP Thomas G. Musial sold 1,376 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.07, for a total value of $44,128.32. Following the transaction, the senior vice president now owns 48,467 shares in the company, valued at $1,554,336.69. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Thomas G. Musial sold 3,327 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $27.92, for a total value of $92,889.84. Following the completion of the transaction, the senior vice president now owns 50,965 shares in the company, valued at approximately $1,422,942.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,179 shares of company stock worth $288,486. 1.40% of the stock is owned by company insiders.
The Manitowoc (NYSE:MTW) last posted its quarterly earnings data 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 Manitowoc had a net margin of 0.59% and a negative return on equity of 1.54%. The firm had revenue of $481.50 million during the quarter, compared to analysts’ expectations of $423.27 million. During the same quarter in the previous year, the company posted ($0.24) EPS. The Manitowoc’s revenue for the quarter was up 27.3% on a year-over-year basis. analysts forecast that The Manitowoc Company will post 0.41 EPS for the current fiscal year.
A number of brokerages have commented on MTW. Zacks Investment Research lowered The Manitowoc from a “hold” rating to a “strong sell” rating in a report on Monday. JPMorgan Chase cut their target price on The Manitowoc from $29.00 to $27.00 and set a “sell” rating on the stock in a research note on Tuesday, April 10th. Deutsche Bank cut their target price on The Manitowoc from $36.00 to $32.00 and set a “hold” rating on the stock in a research note on Monday, March 19th. Robert W. Baird downgraded The Manitowoc from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $27.95 to $33.00 in a research note on Friday, March 2nd. Finally, ValuEngine downgraded The Manitowoc from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $38.38.
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The Manitowoc Profile
The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks the National Crane brand.
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