Manitowoc (NYSE:MTW) Shares Pass Above 200 Day Moving Average on Disappointing Earnings

Key Points

• Manitowoc (NYSE:MTW) shares surpassed their 200-day moving average following disappointing earnings, reporting $0.08 earnings per share for the quarter, missing estimates by $0.12.
• Analysts have mixed opinions, with Barclays increasing its target price to $11.00 while maintaining an "underweight" rating, and a consensus rating of "Hold" with a target price of $11.26.
• Institutional investors own approximately 78.66% of Manitowoc shares, with significant increases in holdings from firms like JPMorgan Chase & Co. and Wells Fargo.

The Manitowoc Company, Inc. (NYSE:MTW - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday following a stronger than expected earnings report. The stock has a 200-day moving average of $10.40 and traded as high as $12.62. Manitowoc shares last traded at $12.48, with a volume of 142,079 shares changing hands.

The industrial products company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.12). Manitowoc had a net margin of 2.09% and a return on equity of 0.63%. During the same quarter in the prior year, the business earned $0.25 EPS. Manitowoc's revenue was down 4.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MTW. Barclays raised their target price on shares of Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research note on Monday, July 21st. Robert W. Baird decreased their price objective on shares of Manitowoc from $12.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group upped their target price on shares of Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $11.26.

Institutional Investors Weigh In On Manitowoc

A number of hedge funds have recently made changes to their positions in MTW. Sei Investments Co. purchased a new position in Manitowoc in the fourth quarter worth about $217,000. LPL Financial LLC lifted its stake 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 during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Manitowoc by 84.5% in the 4th quarter. JPMorgan Chase & Co. now owns 228,645 shares of the industrial products company's stock worth $2,088,000 after purchasing an additional 104,709 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of Manitowoc in the 4th quarter worth approximately $497,000. Finally, Wells Fargo & Company MN increased its position in shares of Manitowoc by 19.7% during the 4th quarter. Wells Fargo & Company MN now owns 25,758 shares of the industrial products company's stock valued at $235,000 after purchasing an additional 4,240 shares during the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Manitowoc Stock Up 0.1%

The company has a market cap of $442.29 million, a PE ratio of 9.98 and a beta of 2.07. The company has a fifty day moving average of $12.13 and a two-hundred day moving average of $10.40. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.64 and a current ratio of 1.90.

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.

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