The Manitowoc Company, Inc. (NYSE:MTW) Stake Cut by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. reduced its stake in The Manitowoc Company by 23.0%, owning approximately $5.13 million in stock after selling 178,058 shares during the first quarter.
• CEO Aaron H. Ravenscroft purchased 3,000 shares at an average cost of $8.68, increasing his ownership in the company to 690,142 shares valued at roughly $5.99 million.
• Manitowoc's recent earnings report showed a net margin of 2.09% and a revenue drop of 4.9% year-over-year, with an EPS of ($0.16) missing expectations.

Victory Capital Management Inc. lessened its stake in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 23.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 597,047 shares of the industrial products company's stock after selling 178,058 shares during the quarter. Victory Capital Management Inc. owned about 1.68% of Manitowoc worth $5,129,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MTW. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Manitowoc in the fourth quarter worth about $35,000. Quantbot Technologies LP increased its holdings in Manitowoc by 20.9% during the 4th quarter. Quantbot Technologies LP now owns 10,257 shares of the industrial products company's stock worth $94,000 after purchasing an additional 1,771 shares during the last quarter. LPL Financial LLC raised its position in shares of Manitowoc by 10.0% in the 4th quarter. LPL Financial LLC now owns 11,374 shares of the industrial products company's stock valued at $104,000 after purchasing an additional 1,030 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Manitowoc by 3,309.6% during the 1st quarter. GAMMA Investing LLC now owns 12,138 shares of the industrial products company's stock valued at $104,000 after buying an additional 11,782 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Manitowoc during the 4th quarter valued at approximately $115,000. Institutional investors and hedge funds own 78.66% of the company's stock.

Wall Street Analyst Weigh In

MTW has been the subject of a number of research analyst reports. Robert W. Baird lowered their price target on Manitowoc from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Barclays increased their target price on shares of Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a report on Monday, July 21st. Finally, UBS Group lifted their price target on shares of Manitowoc from $9.00 to $11.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.26.

Manitowoc Stock Performance

Shares of Manitowoc stock traded down $0.37 during trading on Wednesday, hitting $12.48. 210,107 shares of the stock were exchanged, compared to its average volume of 230,285. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.64 and a current ratio of 1.90. The Manitowoc Company, Inc. has a 12 month low of $7.06 and a 12 month high of $13.61. The stock's fifty day moving average is $11.91 and its 200 day moving average is $10.26. The stock has a market cap of $442.29 million, a PE ratio of 9.98 and a beta of 2.03.

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). The business had revenue of $470.90 million for the quarter, compared to analyst estimates of $479.39 million. Manitowoc had a return on equity of 0.63% and a net margin of 2.09%. The business's quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. As a group, sell-side analysts anticipate that The Manitowoc Company, Inc. will post 0.5 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Aaron H. Ravenscroft bought 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average cost of $8.68 per share, for a total transaction of $26,040.00. Following the acquisition, the chief executive officer directly owned 690,142 shares of the company's stock, valued at $5,990,432.56. The trade was a 0.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.52% of the company's stock.

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.