Manitowoc (MTW) Stock Price Up 7.6%

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.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Monday, August 6th. The industrial products company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.17. The firm had revenue of $495.30 million during the quarter, compared to the consensus estimate of $458.03 million. Manitowoc had a return on equity of 2.77% and a net margin of 2.53%. The business’s revenue was up 25.5% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. equities analysts forecast that Manitowoc Company Inc will post 0.53 EPS for the current fiscal year.

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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