Manitowoc (NYSE:MTW) Downgraded to Neutral at Robert W. Baird

Robert W. Baird cut shares of Manitowoc (NYSE:MTW) from an outperform rating to a neutral rating in a research report sent to investors on Monday, BenzingaRatingsTable reports. They currently have $19.00 price target on the industrial products company’s stock, down from their prior price target of $22.00.

MTW has been the topic of a number of other reports. Royal Bank of Canada downgraded shares of Manitowoc from an outperform rating to a sector perform rating and reduced their price target for the company from $25.00 to $20.00 in a research note on Thursday, July 25th. ValuEngine downgraded shares of Manitowoc from a sell rating to a strong sell rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The stock has an average rating of Hold and a consensus price target of $18.67.

Shares of MTW stock opened at $14.36 on Monday. The firm’s 50-day moving average is $17.07 and its two-hundred day moving average is $16.88. The company has a market capitalization of $557.78 million, a PE ratio of 22.44 and a beta of 2.11. Manitowoc has a 12 month low of $13.22 and a 12 month high of $26.88. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.76 and a quick ratio of 0.69.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.42. The business had revenue of $504.70 million for the quarter, compared to the consensus estimate of $509.51 million. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS. Sell-side analysts forecast that Manitowoc will post 1.48 EPS for the current year.

In other news, CFO David J. Antoniuk sold 6,014 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $13.96, for a total value of $83,955.44. Following the sale, the chief financial officer now directly owns 37,544 shares of the company’s stock, valued at approximately $524,114.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. Raymond James & Associates grew its holdings in shares of Manitowoc by 6.6% in the fourth quarter. Raymond James & Associates now owns 12,602 shares of the industrial products company’s stock valued at $186,000 after purchasing an additional 782 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Manitowoc by 20.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 800 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Manitowoc by 12.9% in the first quarter. Nisa Investment Advisors LLC now owns 8,725 shares of the industrial products company’s stock valued at $143,000 after purchasing an additional 1,000 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Manitowoc by 12.1% in the fourth quarter. Legal & General Group Plc now owns 14,095 shares of the industrial products company’s stock valued at $208,000 after purchasing an additional 1,520 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Manitowoc by 16.5% in the second quarter. JPMorgan Chase & Co. now owns 11,666 shares of the industrial products company’s stock valued at $205,000 after purchasing an additional 1,648 shares in the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Manitowoc Company 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.

Featured Story: Why do companies engage in swaps?

Receive News & Ratings for Manitowoc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manitowoc and related companies with MarketBeat.com's FREE daily email newsletter.