Manitowoc (NYSE:MTW) Share Price Crosses Above Two Hundred 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 stock price passed 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 trading hands.

The industrial products company reported $0.08 EPS 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%. Manitowoc's quarterly revenue was down 4.0% on a year-over-year basis. During the same quarter last year, the company earned $0.25 earnings per share.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MTW. Robert W. Baird cut their price objective on shares of Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a research report on Monday. UBS Group raised their price objective on shares of Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays raised their price objective on shares of Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MTW. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Manitowoc in the fourth quarter valued at approximately $35,000. CWM LLC boosted its stake in shares of Manitowoc by 669.9% in the second quarter. CWM LLC now owns 7,329 shares of the industrial products company's stock valued at $88,000 after purchasing an additional 6,377 shares during the period. LPL Financial LLC boosted its stake in shares of Manitowoc by 10.0% in the fourth 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 period. GAMMA Investing LLC boosted its stake in shares of Manitowoc by 3,309.6% in the first quarter. GAMMA Investing LLC now owns 12,138 shares of the industrial products company's stock valued at $104,000 after purchasing an additional 11,782 shares during the period. Finally, AlphaQuest LLC purchased a new position in Manitowoc in the second quarter worth approximately $105,000. Hedge funds and other institutional investors own 78.66% of the company's stock.

Manitowoc Stock Down 1.4%

The business's 50 day moving average is $12.12 and its 200-day moving average is $10.42. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.90 and a quick ratio of 0.64. The company has a market cap of $365.24 million, a PE ratio of 8.22 and a beta of 2.07.

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.