Russell Investments Group Ltd. Has $1.40 Million Position in The Manitowoc Company, Inc. $MTW

Key Points

• Russell Investments Group Ltd. increased its stake in The Manitowoc Company by 779.8% in the first quarter, acquiring a total of 163,029 shares worth approximately $1.4 million.
• Manitowoc's recent quarterly earnings showed earnings per share of $0.08, falling short of estimates of $0.20, alongside a 4% year-over-year revenue decline.
• Research analysts have mixed views on Manitowoc, with target prices ranging from $10 to $11, while consensus ratings lean towards "Hold" or "Reduce."

Russell Investments Group Ltd. lifted its stake in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 779.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 163,029 shares of the industrial products company's stock after acquiring an additional 144,498 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.46% of Manitowoc worth $1,400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Nuveen LLC bought a new position in Manitowoc during the first quarter worth about $851,000. Invesco Ltd. grew its holdings in Manitowoc by 0.8% during the first quarter. Invesco Ltd. now owns 1,182,668 shares of the industrial products company's stock worth $10,159,000 after purchasing an additional 9,599 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Manitowoc by 126.6% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,573 shares of the industrial products company's stock worth $477,000 after purchasing an additional 31,047 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Manitowoc by 16.2% during 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 period. Finally, GSA Capital Partners LLP grew its holdings in Manitowoc by 272.9% during the first quarter. GSA Capital Partners LLP now owns 240,327 shares of the industrial products company's stock worth $2,064,000 after purchasing an additional 175,879 shares during the period. Institutional investors and hedge funds own 78.66% of the company's stock.

Wall Street Analysts Forecast Growth

MTW has been the subject of a number of research analyst reports. Barclays boosted their price objective 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 cut Manitowoc from a "hold" rating to a "sell" rating in a report on Monday. UBS Group boosted their price objective on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Robert W. Baird reduced their price objective on Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $11.00.

Manitowoc Price Performance

Shares of MTW stock traded down $0.15 during trading on Monday, hitting $9.92. The company had a trading volume of 280,862 shares, compared to its average volume of 381,153. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.68 and a current ratio of 2.07. The firm has a market capitalization of $351.76 million, a P/E ratio of 7.94 and a beta of 2.18. The stock's 50-day moving average price is $11.70 and its 200 day moving average price is $10.40. The Manitowoc Company, Inc. has a one year low of $7.06 and a one year high of $13.61.

Manitowoc (NYSE:MTW - Get Free Report) last announced its quarterly earnings data 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). 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 analyst estimates of $580.18 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The firm's revenue for the quarter was down 4.0% on a year-over-year basis. Equities analysts expect that The Manitowoc Company, Inc. will post 0.5 EPS for the current fiscal year.

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.