Barclays Lowers Manitowoc (NYSE:MTW) Price Target to $12.00

Manitowoc (NYSE:MTW - Get Free Report) had its target price cut by analysts at Barclays from $15.00 to $12.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "underweight" rating on the industrial products company's stock. Barclays's price objective would suggest a potential downside of 6.10% from the stock's previous close.

A number of other research firms have also recently issued reports on MTW. Wells Fargo & Company cut their target price on shares of Manitowoc from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Friday, February 16th. JPMorgan Chase & Co. reduced their price target on shares of Manitowoc from $17.00 to $15.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 16th. Finally, StockNews.com cut shares of Manitowoc from a "buy" rating to a "hold" rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $16.83.

Manitowoc Stock Performance

Shares of NYSE:MTW traded down $0.10 during trading on Monday, reaching $12.78. The stock had a trading volume of 148,964 shares, compared to its average volume of 254,523. Manitowoc has a 52 week low of $12.20 and a 52 week high of $19.81. The company has a quick ratio of 0.65, a current ratio of 1.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $453.43 million, a price-to-earnings ratio of 11.72 and a beta of 2.04. The stock has a fifty day simple moving average of $13.57 and a two-hundred day simple moving average of $14.58.

Manitowoc (NYSE:MTW - Get Free Report) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The firm had revenue of $595.80 million for the quarter, compared to the consensus estimate of $583.90 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The company's revenue was down 4.2% on a year-over-year basis. As a group, analysts anticipate that Manitowoc will post 1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AJOVista LLC bought a new position in Manitowoc during the fourth quarter worth about $69,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Manitowoc by 19.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,139 shares of the industrial products company's stock valued at $77,000 after buying an additional 823 shares during the period. Arizona State Retirement System acquired a new stake in Manitowoc during the third quarter worth approximately $151,000. Spire Wealth Management acquired a new position in Manitowoc in the 3rd quarter valued at $174,000. Finally, Commonwealth Equity Services LLC acquired a new position in Manitowoc in the 3rd quarter valued at $178,000. Institutional investors own 78.66% 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.