Summit Global Investments Purchases 8,089 Shares of The Manitowoc Company, Inc. (NYSE:MTW)

Summit Global Investments raised its position in The Manitowoc Company, Inc. (NYSE:MTW) by 23.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,032 shares of the industrial products company’s stock after acquiring an additional 8,089 shares during the quarter. Summit Global Investments owned approximately 0.12% of Manitowoc worth $702,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Manitowoc in the 3rd quarter worth about $240,000. Commonwealth Equity Services LLC purchased a new position in shares of Manitowoc in the 3rd quarter valued at approximately $178,000. Raymond James Financial Services Advisors Inc. boosted its position in shares of Manitowoc by 8.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 25,447 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 1,928 shares in the last quarter. Strs Ohio lifted its position in Manitowoc by 18.9% during the third quarter. Strs Ohio now owns 41,500 shares of the industrial products company’s stock valued at $624,000 after buying an additional 6,600 shares during the period. Finally, 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 valued at $77,000 after buying an additional 823 shares in the last quarter. 78.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MTW shares. JPMorgan Chase & Co. cut their price objective on shares of Manitowoc from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. StockNews.com cut Manitowoc from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Wells Fargo & Company lowered their price objective on shares of Manitowoc from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Friday, February 16th. Finally, Barclays dropped their target price on Manitowoc from $15.00 to $12.00 and set an “underweight” rating on the stock in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, Manitowoc currently has a consensus rating of “Hold” and an average price target of $16.83.

Manitowoc Trading Down 0.3 %

Shares of Manitowoc stock opened at $12.43 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.65 and a current ratio of 1.83. The company has a fifty day moving average of $13.30 and a 200 day moving average of $14.46. The company has a market capitalization of $441.02 million, a P/E ratio of 11.40 and a beta of 2.05. The Manitowoc Company, Inc. has a fifty-two week low of $11.73 and a fifty-two week high of $19.81.

Manitowoc (NYSE:MTW) last issued its earnings results 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 business had revenue of $595.80 million for the quarter, compared to the consensus estimate of $583.90 million. During the same period last year, the business posted $0.74 EPS. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that The Manitowoc Company, Inc. will post 1.31 earnings per share for the current fiscal year.

Manitowoc Company Profile

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.