Connor Clark & Lunn Investment Management Ltd. Buys 31,047 Shares of The Manitowoc Company, Inc. $MTW

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in The Manitowoc Company by 126.6%, now holding 55,573 shares valued at approximately $477,000.
• Manitowoc reported $0.08 EPS for the last quarter, missing estimates, and experienced a 4.0% decline in year-over-year revenue.
• Analysts have adjusted their price targets for Manitowoc, with predictions ranging from $10.00 to $11.00, reflecting a cautious outlook on the stock.

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 126.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,573 shares of the industrial products company's stock after purchasing an additional 31,047 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.16% of Manitowoc worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. D. E. Shaw & Co. Inc. raised its stake in Manitowoc by 35.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 550,416 shares of the industrial products company's stock valued at $5,025,000 after buying an additional 144,390 shares during the last quarter. Voya Investment Management LLC raised its stake in Manitowoc by 10.6% during the fourth quarter. Voya Investment Management LLC now owns 533,738 shares of the industrial products company's stock valued at $4,873,000 after buying an additional 51,217 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Manitowoc by 3.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 471,915 shares of the industrial products company's stock valued at $4,309,000 after buying an additional 17,747 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Manitowoc by 16.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 465,863 shares of the industrial products company's stock worth $4,002,000 after purchasing an additional 64,983 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Manitowoc by 0.5% in the fourth quarter. Northern Trust Corp now owns 304,363 shares of the industrial products company's stock worth $2,779,000 after purchasing an additional 1,552 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MTW shares. Robert W. Baird decreased their price target on Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Wall Street Zen cut Manitowoc from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. UBS Group boosted their price target on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Barclays boosted their price target on Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research note on Monday, July 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $11.00.

Manitowoc Price Performance

Manitowoc stock traded up $0.7850 during midday trading on Friday, reaching $10.1250. 538,181 shares of the stock traded hands, compared to its average volume of 353,150. The stock's fifty day moving average is $11.83 and its 200-day moving average is $10.39. The Manitowoc Company, Inc. has a 12 month low of $7.06 and a 12 month high of $13.61. The stock has a market cap of $359.03 million, a P/E ratio of 8.10 and a beta of 2.07. The company has a quick ratio of 0.68, a current ratio of 2.07 and a debt-to-equity ratio of 0.67.

Manitowoc (NYSE:MTW - Get Free Report) last announced its quarterly earnings results 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 net margin of 2.11% and a negative return on equity of 0.33%. The firm had revenue of $539.50 million for the quarter, compared to the consensus estimate of $580.18 million. During the same period in the previous year, the company posted $0.25 earnings per share. Manitowoc's quarterly revenue was down 4.0% on a year-over-year basis. As a group, equities research analysts anticipate that The Manitowoc Company, Inc. will post 0.5 EPS 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.