Millennium Management LLC Purchases New Stake in The Manitowoc Company, Inc. (NYSE:MTW)

Millennium Management LLC purchased a new stake in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 78,921 shares of the industrial products company's stock, valued at approximately $721,000. Millennium Management LLC owned about 0.22% of Manitowoc as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. raised its holdings in Manitowoc by 3.9% during the 4th 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. Deutsche Bank AG raised its holdings in Manitowoc by 63.1% during the 4th quarter. Deutsche Bank AG now owns 37,911 shares of the industrial products company's stock valued at $346,000 after buying an additional 14,669 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Manitowoc by 35.6% during the 4th 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. Cubist Systematic Strategies LLC bought a new stake in Manitowoc during the 4th quarter valued at $637,000. Finally, Brevan Howard Capital Management LP purchased a new position in Manitowoc during the 4th quarter valued at $115,000. 78.66% of the stock is currently owned by institutional investors.

Insider Activity

In other Manitowoc news, CEO Aaron H. Ravenscroft acquired 3,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $8.68 per share, for a total transaction of $26,040.00. Following the purchase, the chief executive officer now directly owns 690,142 shares of the company's stock, valued at approximately $5,990,432.56. This trade represents a 0.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MTW. UBS Group boosted their price objective on shares of Manitowoc from $9.00 to $11.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Robert W. Baird reduced their price objective on shares of Manitowoc from $12.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $10.86.

Manitowoc Stock Performance

Shares of Manitowoc stock opened at $10.98 on Friday. The stock has a market cap of $389.27 million, a price-to-earnings ratio of 7.09 and a beta of 2.02. The firm's 50-day moving average is $9.18 and its 200 day moving average is $9.55. The Manitowoc Company, Inc. has a 1 year low of $7.06 and a 1 year high of $13.46. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.97 and a quick ratio of 0.60.

Manitowoc (NYSE:MTW - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The industrial products company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.03). The firm had revenue of $470.90 million during the quarter, compared to the consensus estimate of $479.39 million. Manitowoc had a return on equity of 2.46% and a net margin of 2.56%. The business's revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 EPS. Sell-side analysts anticipate that The Manitowoc Company, Inc. will post 0.5 EPS for the current fiscal 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.

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