Hodges Capital Management Inc. Lowers Stock Position in The Manitowoc Company, Inc. $MTW

Key Points

• Hodges Capital Management Inc. significantly reduced its stake in The Manitowoc Company, selling 403,860 shares and owning only 60,860 shares now, representing an 86.9% decrease in holdings.
• Institutional investors hold 78.66% of Manitowoc's stock, with firms like GSA Capital and Russell Investments making large acquisitions in the first quarter.
• Analysts have mixed views on Manitowoc, with UBS and Barclays raising their price target to $11.00, while Robert W. Baird lowered theirs to $10.00.

Hodges Capital Management Inc. lowered its position in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 86.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,860 shares of the industrial products company's stock after selling 403,860 shares during the period. Hodges Capital Management Inc. owned approximately 0.17% of Manitowoc worth $523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MTW. Strs Ohio purchased a new position in Manitowoc in the first quarter worth $454,000. Acadian Asset Management LLC boosted its position in shares of Manitowoc by 127.7% in the 1st quarter. Acadian Asset Management LLC now owns 250,087 shares of the industrial products company's stock worth $2,146,000 after purchasing an additional 140,246 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Manitowoc by 7.3% in the 1st quarter. Empowered Funds LLC now owns 190,140 shares of the industrial products company's stock worth $1,633,000 after purchasing an additional 13,001 shares in the last quarter. Aristeia Capital L.L.C. purchased a new position in Manitowoc during the 1st quarter worth $494,000. Finally, Caxton Associates LLP acquired a new position in Manitowoc during the 1st quarter valued at about $112,000. Hedge funds and other institutional investors own 78.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays raised their price target on Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a report on Monday, July 21st. Wall Street Zen raised shares of Manitowoc from a "sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Finally, Robert W. Baird decreased their price target on shares of 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $11.00.

Manitowoc Stock Performance

Shares of NYSE:MTW traded up $0.20 during midday trading on Thursday, reaching $10.18. The company's stock had a trading volume of 63,971 shares, compared to its average volume of 281,490. The company has a quick ratio of 0.68, a current ratio of 2.07 and a debt-to-equity ratio of 0.67. The stock has a fifty day moving average of $11.09 and a 200 day moving average of $10.32. The Manitowoc Company, Inc. has a twelve month low of $7.06 and a twelve month high of $13.61. The firm has a market capitalization of $360.94 million, a PE ratio of 8.14 and a beta of 2.17.

Manitowoc (NYSE:MTW - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The industrial products company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.12). The business had revenue of $539.50 million during 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 revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 earnings per share. On average, equities analysts expect that The Manitowoc Company, Inc. will post 0.5 EPS for the current fiscal year.

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.