Manitowoc Company Inc (NYSE:MTW) shares rose 7.6% during mid-day trading on Thursday . The company traded as high as $26.88 and last traded at $26.37. Approximately 987,639 shares changed hands during trading, an increase of 73% from the average daily volume of 571,674 shares. The stock had previously closed at $24.50.
MTW has been the subject of a number of research reports. Seaport Global Securities set a $31.00 price objective on Manitowoc and gave the stock a “buy” rating in a report on Wednesday, August 8th. SunTrust Banks upgraded Manitowoc from a “hold” rating to a “buy” rating in a report on Wednesday, June 6th. Stifel Nicolaus reiterated a “buy” rating and set a $33.00 price objective on shares of Manitowoc in a report on Sunday, August 12th. Macquarie increased their price objective on Manitowoc from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, August 8th. Finally, Citigroup decreased their price objective on Manitowoc from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, August 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Manitowoc currently has an average rating of “Buy” and a consensus target price of $31.77.
The company has a debt-to-equity ratio of 0.40, a current ratio of 1.65 and a quick ratio of 0.73. The company has a market cap of $937.09 million, a price-to-earnings ratio of -99.42 and a beta of 1.33.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC acquired a new stake in shares of Manitowoc in the second quarter valued at approximately $269,000. Fox Run Management L.L.C. acquired a new stake in shares of Manitowoc in the second quarter valued at approximately $291,000. First Trust Advisors LP acquired a new stake in shares of Manitowoc in the second quarter valued at approximately $346,000. PNC Financial Services Group Inc. lifted its position in shares of Manitowoc by 476.5% in the second quarter. PNC Financial Services Group Inc. now owns 14,187 shares of the industrial products company’s stock valued at $366,000 after buying an additional 11,726 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in shares of Manitowoc by 64.7% in the first quarter. Stifel Financial Corp now owns 13,383 shares of the industrial products company’s stock valued at $380,000 after buying an additional 5,258 shares during the last quarter. 82.02% of the stock is owned by institutional investors.
Manitowoc Company Profile (NYSE:MTW)
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 under the National Crane brand.
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