Manitowoc (NYSE:MTW) Stock Price Target Raised at Wells Fargo & Company

Key Points

• Wells Fargo raised Manitowoc’s price target from $12 to $15 but maintained an “underweight” rating, implying about 34% downside from the stock’s then-current price.
• Analyst sentiment remains negative: MarketBeat’s consensus rating is “Sell,” with a consensus target of $15.50; Barclays also reiterated “underweight.”
• Manitowoc beat quarterly earnings and revenue estimates, reporting EPS of $0.31 versus $0.20 expected and revenue of $613.8 million, up 13.8% year over year.

Manitowoc (NYSE:MTW - Get Free Report) had its target price raised by Wells Fargo & Company from $12.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an "underweight" rating on the industrial products company's stock. Wells Fargo & Company's price target would suggest a potential downside of 34.05% from the company's current price.

MTW has been the subject of a number of other reports. Barclays reiterated an "underweight" rating and issued a $16.00 target price (up from $11.00) on shares of Manitowoc in a research note on Monday, August 10th. Weiss Ratings raised shares of Manitowoc from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Finally, Wall Street Zen cut shares of Manitowoc from a "strong-buy" rating to a "buy" rating in a report on Sunday, October 25th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Manitowoc currently has a consensus rating of "Sell" and a consensus price target of $15.50.

Manitowoc Stock Down 2.0%

NYSE:MTW traded down $0.46 during mid-day trading on Thursday, hitting $22.74. 226,115 shares of the company's stock traded hands, compared to its average volume of 311,619. The company has a fifty day moving average of $21.78 and a 200 day moving average of $15.70. Manitowoc has a twelve month low of $10.29 and a twelve month high of $25.22. The company has a market capitalization of $820.15 million, a P/E ratio of 32.10 and a beta of 1.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11.

Manitowoc (NYSE:MTW - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.11. The company had revenue of $613.80 million during the quarter, compared to analysts' expectations of $577.00 million. Manitowoc had a return on equity of 4.78% and a net margin of 1.10%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business posted $0.14 earnings per share. On average, analysts forecast that Manitowoc will post 1.00 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Front Street Capital Management Inc. acquired a new stake in Manitowoc during the second quarter worth about $44,547,000. Goldstein Advisors LLC lifted its holdings in Manitowoc by 3,280.8% in the third quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company's stock valued at $14,002,000 after acquiring an additional 633,193 shares during the period. Bank of New York Mellon Corp acquired a new position in Manitowoc in the second quarter valued at approximately $1,717,000. Arrowstreet Capital Limited Partnership lifted its holdings in Manitowoc by 37.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company's stock valued at $4,673,000 after acquiring an additional 108,347 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in Manitowoc by 100.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company's stock worth $1,754,000 after purchasing an additional 63,215 shares in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Manitowoc Company Profile

The Manitowoc Company, Inc NYSE: MTW is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.

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