PNC Financial Services Group Inc. Boosts Position in Manitowoc Company Inc (MTW)

PNC Financial Services Group Inc. lifted its position in shares of Manitowoc Company Inc (NYSE:MTW) by 476.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,187 shares of the industrial products company’s stock after acquiring an additional 11,726 shares during the period. PNC Financial Services Group Inc.’s holdings in Manitowoc were worth $366,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MTW. State of Wisconsin Investment Board increased its stake in shares of Manitowoc by 7.4% during the first quarter. State of Wisconsin Investment Board now owns 101,174 shares of the industrial products company’s stock valued at $2,879,000 after purchasing an additional 7,000 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Manitowoc by 7.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 170,055 shares of the industrial products company’s stock valued at $4,840,000 after purchasing an additional 11,631 shares in the last quarter. BlackRock Inc. increased its stake in shares of Manitowoc by 8.3% during the first quarter. BlackRock Inc. now owns 2,261,713 shares of the industrial products company’s stock valued at $64,368,000 after purchasing an additional 173,983 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Manitowoc by 1,353.6% during the first quarter. JPMorgan Chase & Co. now owns 257,136 shares of the industrial products company’s stock valued at $7,318,000 after purchasing an additional 239,446 shares in the last quarter. Finally, TCW Group Inc. increased its stake in shares of Manitowoc by 47.7% during the first quarter. TCW Group Inc. now owns 180,012 shares of the industrial products company’s stock valued at $5,123,000 after purchasing an additional 58,107 shares in the last quarter. 82.02% of the stock is currently owned by institutional investors and hedge funds.

NYSE:MTW opened at $24.70 on Wednesday. Manitowoc Company Inc has a 52 week low of $21.18 and a 52 week high of $44.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.73 and a current ratio of 1.65. The company has a market cap of $918.62 million, a PE ratio of -95.00 and a beta of 1.34.

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

A number of equities analysts have weighed in on MTW shares. Goldman Sachs Group downgraded shares of Manitowoc from a “neutral” rating to a “sell” rating in a research note on Monday, July 16th. Stifel Nicolaus reiterated a “buy” rating and set a $33.00 price target on shares of Manitowoc in a report on Sunday, August 12th. SunTrust Banks upgraded shares of Manitowoc from a “hold” rating to a “buy” rating in a report on Wednesday, June 6th. Macquarie increased their price target on shares of Manitowoc from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, August 8th. Finally, Robert W. Baird upgraded shares of Manitowoc from a “neutral” rating to an “outperform” rating and set a $32.00 price target on the stock in a report on Thursday, September 20th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Manitowoc has an average rating of “Buy” and an average target price of $31.77.

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 under the National Crane brand.

Read More: Price to Earnings Ratio (PE) Basics

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Institutional Ownership by Quarter for Manitowoc (NYSE:MTW)

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