Manitowoc (NYSE:MTW) Upgraded at Wall Street Zen

Key Points

• Manitowoc (NYSE:MTW) has been upgraded from a "sell" to a "hold" rating by Wall Street Zen.
• Multiple research firms have given varying price targets, with the consensus sitting at $11.00, and three analysts currently rating the stock as a hold.
• The company's recent earnings report showed a significant miss on expectations, with earnings per share at $0.08 compared to the consensus estimate of $0.20.

Wall Street Zen upgraded shares of Manitowoc (NYSE:MTW - Free Report) from a sell rating to a hold rating in a research note published on Sunday morning.

A number of other brokerages have also recently commented on MTW. Robert W. Baird dropped their price target on Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Barclays lifted their price objective on Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research report on Monday, July 21st. Finally, UBS Group raised their target price on Manitowoc from $9.00 to $11.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $11.00.

Manitowoc Price Performance

NYSE:MTW traded down $0.15 during trading hours on Friday, reaching $9.92. 280,862 shares of the company were exchanged, compared to its average volume of 384,530. The business has a 50 day moving average of $11.70 and a 200 day moving average of $10.40. The company has a market capitalization of $351.76 million, a P/E ratio of 7.94 and a beta of 2.07. Manitowoc has a 1-year low of $7.06 and a 1-year high of $13.61. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.07 and a quick ratio of 0.68.

Manitowoc (NYSE:MTW - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.12). The business had revenue of $539.50 million during 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 company's revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. Research analysts forecast that Manitowoc will post 0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MTW. Arrowstreet Capital Limited Partnership grew its position in shares of Manitowoc by 154.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 340,280 shares of the industrial products company's stock valued at $4,090,000 after purchasing an additional 206,313 shares in the last quarter. GSA Capital Partners LLP boosted its position 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 valued at $2,064,000 after buying an additional 175,879 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Manitowoc by 779.8% during the first quarter. Russell Investments Group Ltd. now owns 163,029 shares of the industrial products company's stock worth $1,400,000 after purchasing an additional 144,498 shares during the period. D. E. Shaw & Co. Inc. boosted its holdings in shares of Manitowoc by 35.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 550,416 shares of the industrial products company's stock worth $5,025,000 after purchasing an additional 144,390 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Manitowoc by 127.7% in the first 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 in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

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.