The Manitowoc Company, Inc. $MTW Shares Sold by Front Street Capital Management Inc.

Key Points

• Front Street Capital Management Inc. reduced its holdings in The Manitowoc Company, Inc. by 2.0%, now owning 3,302,675 shares, making it the firm's 6th largest investment.
• Manitowoc's recent quarterly earnings report showed an EPS of $0.08, missing expectations by $0.12, and a revenue decline of 4.0% year-over-year.
• Current analyst ratings for Manitowoc indicate a consensus rating of "Reduce" with a target price of $11.00, following various changes in price objectives from major investment firms.

Front Street Capital Management Inc. lessened its position in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,302,675 shares of the industrial products company's stock after selling 66,908 shares during the period. Manitowoc makes up 5.4% of Front Street Capital Management Inc.'s holdings, making the stock its 6th largest position. Front Street Capital Management Inc. owned about 9.32% of Manitowoc worth $28,370,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Manitowoc during the fourth quarter worth $35,000. GAMMA Investing LLC increased its stake in Manitowoc by 3,309.6% in the 1st quarter. GAMMA Investing LLC now owns 12,138 shares of the industrial products company's stock worth $104,000 after purchasing an additional 11,782 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in Manitowoc in the 4th quarter worth about $115,000. Balyasny Asset Management L.P. purchased a new position in Manitowoc in the 4th quarter worth about $156,000. Finally, MetLife Investment Management LLC increased its stake in Manitowoc by 13.8% in the 1st quarter. MetLife Investment Management LLC now owns 19,564 shares of the industrial products company's stock worth $168,000 after purchasing an additional 2,368 shares in the last quarter. Institutional investors own 78.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. UBS Group lifted their price target on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Barclays upped their price target on Manitowoc from $9.00 to $11.00 and gave the company an "underweight" rating in a research report on Monday, July 21st. Wall Street Zen raised Manitowoc from a "sell" rating to a "hold" rating in a research report on Tuesday. Finally, Robert W. Baird dropped 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 investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Manitowoc has an average rating of "Reduce" and an average price target of $11.00.

Manitowoc Stock Down 0.8%

Shares of Manitowoc stock traded down $0.09 during trading on Friday, hitting $10.16. 51,176 shares of the stock traded hands, compared to its average volume of 280,439. The stock has a market cap of $360.09 million, a P/E ratio of 8.12 and a beta of 2.17. 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 Manitowoc Company, Inc. has a twelve month low of $7.06 and a twelve month high of $13.61. The company has a fifty day moving average price of $11.32 and a two-hundred day moving average price of $10.33.

Manitowoc (NYSE:MTW - Get Free Report) last announced its quarterly 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 firm had revenue of $539.50 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 earnings per share. Equities research analysts predict 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.