Manitowoc (NYSE:MTW) Upgraded to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Manitowoc from “buy” to “strong-buy.” However, the broader analyst consensus remains “sell,” with a $17.50 average price target.
• Manitowoc beat quarterly earnings and revenue estimates, reporting EPS of $0.31 versus $0.20 expected and revenue of $613.8 million versus $577 million expected. Revenue rose 13.8% year over year.
• The stock opened at $22.31 and recently traded near its 12-month high of $25.22.

Manitowoc (NYSE:MTW - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts also recently issued reports on the company. Weiss Ratings raised Manitowoc from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Wells Fargo & Company lifted their price target on Manitowoc from $12.00 to $15.00 and gave the company an "underweight" rating in a research note on Thursday. Finally, Barclays raised their target price on shares of Manitowoc from $16.00 to $20.00 and gave the stock an "underweight" rating in a research report on Friday. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Manitowoc currently has a consensus rating of "Sell" and a consensus price target of $17.50.

Manitowoc Trading Up 3.0%

NYSE:MTW opened at $22.31 on Friday. The stock has a market capitalization of $804.61 million, a price-to-earnings ratio of 31.43 and a beta of 1.78. The firm has a fifty day simple moving average of $21.89 and a two-hundred day simple moving average of $15.78. Manitowoc has a 12 month low of $10.29 and a 12 month high of $25.22. The company has a current ratio of 2.11, a quick ratio of 0.75 and a debt-to-equity ratio of 0.66.

Manitowoc (NYSE:MTW - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.20 by $0.11. Manitowoc had a net margin of 0.87% and a return on equity of 3.86%. The firm had revenue of $613.80 million for the quarter, compared to the consensus estimate of $577.00 million. During the same period last year, the firm posted $0.14 earnings per share. The business's revenue was up 13.8% compared to the same quarter last year. Analysts expect that Manitowoc will post 1.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Manitowoc

A number of hedge funds have recently bought and sold shares of the company. Fulcrum Asset Management LLP purchased a new stake in Manitowoc in the third quarter valued at approximately $133,000. Commonwealth Equity Services LLC bought a new position in Manitowoc during the third quarter valued at approximately $635,000. Associated Banc Corp bought a new stake in shares of Manitowoc during the 3rd quarter valued at $1,223,000. Vise Technologies Inc. raised its stake in Manitowoc by 19.0% during the 3rd quarter. Vise Technologies Inc. now owns 35,024 shares of the industrial products company's stock valued at $752,000 after purchasing an additional 5,583 shares during the period. Finally, Signaturefd LLC increased its position in Manitowoc by 583.2% in the third quarter. Signaturefd LLC now owns 1,544 shares of the industrial products company's stock worth $33,000 after purchasing an additional 1,318 shares during the last quarter. Institutional investors own 78.66% of the company's stock.

About Manitowoc

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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