Manitowoc (NYSE:MTW) Price Target Cut to $12.00

Manitowoc (NYSE:MTW) had its price target trimmed by Barclays from $15.00 to $12.00 in a report released on Monday, Benzinga reports. The brokerage currently has an underweight rating on the industrial products company’s stock.

MTW has been the subject of several other research reports. Wells Fargo & Company lowered their price objective on Manitowoc from $17.00 to $16.00 and set an equal weight rating for the company in a research note on Friday, February 16th. StockNews.com downgraded shares of Manitowoc from a buy rating to a hold rating in a research report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Manitowoc from $17.00 to $15.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $16.83.

Manitowoc Stock Performance

Manitowoc stock opened at $12.79 on Monday. The business has a 50 day moving average of $13.41 and a 200-day moving average of $14.54. Manitowoc has a 1 year low of $12.20 and a 1 year high of $19.81. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.83 and a quick ratio of 0.65. The company has a market capitalization of $453.79 million, a P/E ratio of 11.73 and a beta of 2.04.

Manitowoc (NYSE:MTW) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The firm had revenue of $595.80 million during the quarter, compared to analyst estimates of $583.90 million. During the same period in the prior year, the company earned $0.74 EPS. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. On average, equities research analysts predict that Manitowoc will post 1.31 earnings per share for the current year.

Institutional Trading of Manitowoc

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AJOVista LLC bought a new position in shares of Manitowoc during the 4th quarter worth approximately $69,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Manitowoc by 19.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,139 shares of the industrial products company’s stock worth $77,000 after buying an additional 823 shares in the last quarter. Inlet Private Wealth LLC bought a new position in shares of Manitowoc during the 1st quarter worth approximately $141,000. Arizona State Retirement System bought a new position in shares of Manitowoc during the 3rd quarter worth approximately $151,000. Finally, Spire Wealth Management bought a new position in shares of Manitowoc during the 3rd quarter worth approximately $174,000. Institutional investors and hedge funds own 78.66% of the company’s stock.

About Manitowoc

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.