Aristeia Capital L.L.C. Makes New $494,000 Investment in The Manitowoc Company, Inc. $MTW

Key Points

• Aristeia Capital L.L.C. has acquired 57,488 shares of The Manitowoc Company, Inc. valued at approximately $494,000, representing a 0.16% stake in the company.
• Manitowoc reported a net loss of $0.08 earnings per share for the last quarter, missing analysts' expectations and reflecting a 4.0% decline in revenue compared to the previous year.
• Several analysts have downgraded Manitowoc's stock, with a consensus rating of "Reduce" and a target price averaging $11.00.

Aristeia Capital L.L.C. acquired a new position in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 57,488 shares of the industrial products company's stock, valued at approximately $494,000. Aristeia Capital L.L.C. owned 0.16% of Manitowoc at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MTW. Northern Trust Corp raised its holdings in Manitowoc by 0.5% during the 4th quarter. Northern Trust Corp now owns 304,363 shares of the industrial products company's stock worth $2,779,000 after buying an additional 1,552 shares during the period. Jane Street Group LLC raised its holdings in Manitowoc by 88.4% during the 4th quarter. Jane Street Group LLC now owns 153,792 shares of the industrial products company's stock worth $1,404,000 after buying an additional 72,145 shares during the period. Bank of America Corp DE raised its holdings in Manitowoc by 15.0% during the 4th quarter. Bank of America Corp DE now owns 75,982 shares of the industrial products company's stock worth $694,000 after buying an additional 9,906 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Manitowoc in the 4th quarter valued at about $156,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Manitowoc in the 4th quarter valued at about $115,000. Institutional investors and hedge funds own 78.66% of the company's stock.

Analyst Upgrades and Downgrades

MTW has been the topic of a number of research reports. Barclays upped their target price on Manitowoc from $9.00 to $11.00 and gave the company an "underweight" rating in a report on Monday, July 21st. Wall Street Zen upgraded Manitowoc from a "sell" rating to a "hold" rating in a report on Tuesday. Robert W. Baird dropped their target price on Manitowoc from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Finally, UBS Group upped their target price on Manitowoc from $9.00 to $11.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $11.00.

Manitowoc Stock Down 0.2%

NYSE:MTW traded down $0.03 during mid-day trading on Friday, reaching $10.22. The stock had a trading volume of 378,956 shares, compared to its average volume of 281,315. The business's 50 day moving average is $11.32 and its 200 day moving average is $10.33. The Manitowoc Company, Inc. has a fifty-two week low of $7.06 and a fifty-two week high of $13.61. The stock has a market cap of $362.21 million, a P/E ratio of 8.17 and a beta of 2.17. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.07 and a quick ratio of 0.68.

Manitowoc (NYSE:MTW - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The industrial products company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.12). Manitowoc had a negative return on equity of 0.33% and a net margin of 2.11%.The firm had revenue of $539.50 million during the quarter, compared to analyst estimates of $580.18 million. During the same quarter in the prior year, the company posted $0.25 EPS. The company's quarterly revenue was down 4.0% on a year-over-year basis. As a group, sell-side analysts predict that The Manitowoc Company, Inc. will post 0.5 earnings per share for the current year.

Manitowoc 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.