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

Millennium Management LLC purchased a new position in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 have also recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in Manitowoc by 14.5% during the 4th quarter. SG Americas Securities LLC now owns 15,359 shares of the industrial products company's stock worth $140,000 after acquiring an additional 1,944 shares during the period. Empowered Funds LLC increased its stake in Manitowoc by 5.1% in the 4th quarter. Empowered Funds LLC now owns 177,139 shares of the industrial products company's stock valued at $1,617,000 after buying an additional 8,639 shares during the period. Isthmus Partners LLC raised its position in Manitowoc by 2.1% during the 4th quarter. Isthmus Partners LLC now owns 186,512 shares of the industrial products company's stock worth $1,703,000 after buying an additional 3,898 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in shares of Manitowoc by 207.9% in the 4th quarter. First Eagle Investment Management LLC now owns 589,154 shares of the industrial products company's stock worth $5,379,000 after acquiring an additional 397,837 shares during the period. Finally, Quantbot Technologies LP boosted its holdings in shares of Manitowoc by 20.9% in the fourth quarter. Quantbot Technologies LP now owns 10,257 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 1,771 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company's stock.

Manitowoc Price Performance

MTW stock traded up $0.15 during trading on Tuesday, reaching $11.41. 201,624 shares of the company were exchanged, compared to its average volume of 292,036. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.60 and a current ratio of 1.97. The stock's 50 day moving average price is $9.29 and its 200 day moving average price is $9.56. The Manitowoc Company, Inc. has a 52-week low of $7.06 and a 52-week high of $13.46. The company has a market cap of $404.23 million, a P/E ratio of 7.36 and a beta of 2.02.

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

Analysts Set New Price Targets

A number of brokerages recently commented on MTW. Robert W. Baird reduced their price objective on shares of Manitowoc from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. UBS Group increased their target price on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, Manitowoc presently has an average rating of "Hold" and a consensus target price of $10.86.

Insiders Place Their Bets

In related news, CEO Aaron H. Ravenscroft purchased 3,000 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $8.68 per share, with a total value of $26,040.00. Following the completion of the transaction, the chief executive officer now owns 690,142 shares of the company's stock, valued at approximately $5,990,432.56. This represents a 0.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.52% of the stock is currently owned by company insiders.

About Manitowoc

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.