Arrowstreet Capital Limited Partnership Increases Holdings in The Manitowoc Company, Inc. $MTW

Key Points

• Arrowstreet Capital increased its Manitowoc stake by 37% in the first quarter, adding 108,347 shares to hold 401,100 shares worth approximately $4.67 million. Institutional investors collectively own 78.66% of MTW.
• Manitowoc’s latest quarter fell short of expectations, with an adjusted loss of $0.13 per share versus a projected $0.04 profit and revenue of $494.6 million versus $517 million expected, despite 5% year-over-year revenue growth.
• Analyst sentiment remains strongly negative: Manitowoc has an average “Strong Sell” rating, with one Hold and three Sell recommendations, and a consensus price target of $10.33 versus the reported share price of $14.37.

Arrowstreet Capital Limited Partnership grew its stake in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 37.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 401,100 shares of the industrial products company's stock after acquiring an additional 108,347 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.12% of Manitowoc worth $4,673,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Manitowoc by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 2,139,051 shares of the industrial products company's stock valued at $21,412,000 after purchasing an additional 6,043 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Manitowoc by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,938,750 shares of the industrial products company's stock worth $22,586,000 after buying an additional 12,863 shares in the last quarter. IES Holdings Inc. bought a new position in shares of Manitowoc in the fourth quarter worth approximately $14,688,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Manitowoc by 28.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 998,723 shares of the industrial products company's stock valued at $11,975,000 after buying an additional 222,858 shares during the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in shares of Manitowoc by 40.2% during the fourth quarter. Kennedy Capital Management LLC now owns 818,618 shares of the industrial products company's stock valued at $9,815,000 after buying an additional 234,840 shares during the last quarter. 78.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kenneth W. Krueger sold 9,000 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $11.80, for a total transaction of $106,200.00. Following the completion of the sale, the director owned 162,672 shares of the company's stock, valued at $1,919,529.60. This represents a 5.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MTW. Wall Street Zen lowered shares of Manitowoc from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Manitowoc in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Manitowoc has an average rating of "Strong Sell" and a consensus price target of $10.33.

Manitowoc Stock Performance

Shares of MTW opened at $14.37 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.10 and a quick ratio of 0.72. The Manitowoc Company, Inc. has a one year low of $9.09 and a one year high of $15.56. The firm has a market capitalization of $516.03 million, a P/E ratio of 71.85 and a beta of 1.72. The business has a fifty day moving average of $12.96 and a 200 day moving average of $13.07.

Manitowoc (NYSE:MTW - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The industrial products company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.17). The firm had revenue of $494.60 million for the quarter, compared to analysts' expectations of $517.00 million. Manitowoc had a net margin of 0.33% and a return on equity of 1.85%. The firm's revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.16) EPS. As a group, sell-side analysts anticipate that The Manitowoc Company, Inc. will post 0.68 EPS for the current year.

About Manitowoc

The Manitowoc Company, Inc NYSE: MTW is a global manufacturer of heavy-lift cranes and lifting equipment. The company's product portfolio includes tower cranes marketed under the Potain brand, mobile hydraulic cranes sold under the Grove, Manitowoc and National Crane names, and engineered lifting solutions such as mast climbers and platform hoists. Manitowoc serves a wide range of industries, including construction, infrastructure, energy and industrial markets.

Headquartered in Milwaukee, Wisconsin, Manitowoc operates manufacturing facilities, sales offices and rental centers across North America, Europe, Asia, Latin America and the Middle East.

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