Strs Ohio Makes New Investment in The Manitowoc Company, Inc. $MTW

Key Points

• Strs Ohio has acquired 52,900 shares of The Manitowoc Company, Inc., valued at approximately $454,000, representing 0.15% ownership of the company.
• Several other institutional investors, including Acadian Asset Management and Goldman Sachs, have also adjusted their stakes significantly in Manitowoc during the first quarter.
• Manitowoc's stock recently reported earnings per share of $0.08, missing estimates by $0.12, with quarterly revenue down 4.0% year-over-year.

Strs Ohio acquired a new position in shares of The Manitowoc Company, Inc. (NYSE:MTW - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 52,900 shares of the industrial products company's stock, valued at approximately $454,000. Strs Ohio owned 0.15% of Manitowoc at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its position in Manitowoc by 127.7% during the 1st quarter. Acadian Asset Management LLC now owns 250,087 shares of the industrial products company's stock worth $2,146,000 after buying an additional 140,246 shares during the period. Empowered Funds LLC increased its position in Manitowoc by 7.3% during the 1st quarter. Empowered Funds LLC now owns 190,140 shares of the industrial products company's stock worth $1,633,000 after buying an additional 13,001 shares during the period. Aristeia Capital L.L.C. bought a new position in Manitowoc during the 1st quarter worth $494,000. Caxton Associates LLP bought a new position in shares of Manitowoc in the first quarter worth $112,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Manitowoc by 26.0% in the first quarter. Goldman Sachs Group Inc. now owns 273,121 shares of the industrial products company's stock worth $2,346,000 after purchasing an additional 56,336 shares during the period. Institutional investors own 78.66% of the company's stock.

Manitowoc Stock Up 0.6%

Shares of NYSE:MTW opened at $10.04 on Tuesday. The stock has a market cap of $356.12 million, a price-to-earnings ratio of 8.03 and a beta of 2.18. 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 Manitowoc Company, Inc. has a 12-month low of $7.06 and a 12-month high of $13.61. The business's 50 day moving average is $10.91 and its 200 day moving average is $10.34.

Manitowoc (NYSE:MTW - Get Free Report) last announced 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 company 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%. The firm's quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. On average, sell-side analysts forecast that The Manitowoc Company, Inc. will post 0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MTW shares. Wall Street Zen upgraded Manitowoc from a "sell" rating to a "hold" rating in a research report on Tuesday, September 9th. Barclays raised their price target on Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research report on Monday, July 21st. Finally, Robert W. Baird decreased their price target on Manitowoc from $11.00 to $10.00 and set a "neutral" rating on the stock in a research 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. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $11.00.

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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