Cubist Systematic Strategies LLC Trims Stock Holdings in The Manitowoc Company, Inc. $MTW

Key Points

• Cubist Systematic Strategies LLC reduced its stake in The Manitowoc Company by 37%, selling 25,818 shares in the first quarter, now holding 43,940 shares valued at approximately $377,000.
• Manitowoc reported disappointing earnings for the last quarter with an EPS of $0.08, missing estimates by $0.12 and showing a 4% revenue decline year-over-year.
• Wall Street analysts have mixed views on Manitowoc, with a target price range of $9.00 to $11.00 and a consensus rating of "Reduce" based on recent assessments.

Cubist Systematic Strategies LLC lessened its holdings in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 37.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,940 shares of the industrial products company's stock after selling 25,818 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.12% of Manitowoc worth $377,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MTW. SummerHaven Investment Management LLC lifted its position in Manitowoc by 1.9% in the 1st quarter. SummerHaven Investment Management LLC now owns 76,640 shares of the industrial products company's stock worth $658,000 after buying an additional 1,440 shares during the last quarter. Northern Trust Corp lifted its position in Manitowoc by 0.5% in 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 last quarter. TCW Group Inc. lifted its holdings in shares of Manitowoc by 2.9% in the 1st quarter. TCW Group Inc. now owns 58,949 shares of the industrial products company's stock worth $506,000 after acquiring an additional 1,671 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Manitowoc by 13.8% in the 1st quarter. MetLife Investment Management LLC now owns 19,564 shares of the industrial products company's stock worth $168,000 after acquiring an additional 2,368 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Manitowoc in the 4th quarter worth approximately $35,000. Institutional investors own 78.66% of the company's stock.

Manitowoc Trading Down 0.6%

Shares of MTW stock traded down $0.07 during mid-day trading on Wednesday, reaching $9.99. The stock had a trading volume of 243,894 shares, compared to its average volume of 285,331. The company has a current ratio of 2.07, a quick ratio of 0.68 and a debt-to-equity ratio of 0.67. The Manitowoc Company, Inc. has a 52-week low of $7.06 and a 52-week high of $13.61. The firm has a market capitalization of $354.06 million, a PE ratio of 7.99 and a beta of 2.17. The stock's 50-day moving average price is $11.09 and its two-hundred day moving average price is $10.32.

Manitowoc (NYSE:MTW - Get Free Report) last posted its earnings results on Thursday, August 7th. The industrial products company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.12). The business had revenue of $539.50 million for the quarter, compared to analysts' expectations of $580.18 million. Manitowoc had a net margin of 2.11% and a negative return on equity of 0.33%. Manitowoc's quarterly revenue was down 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.25 earnings per share. Equities analysts expect that The Manitowoc Company, Inc. will post 0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MTW shares. Barclays boosted their price target on shares of Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research note on Monday, July 21st. Wall Street Zen raised Manitowoc from a "sell" rating to a "hold" rating in a research note on Tuesday, September 9th. Finally, Robert W. Baird dropped their target price on Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $11.00.

Manitowoc Company 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.