Short Interest in The Manitowoc Company, Inc. (NYSE:MTW) Drops By 21.8%

The Manitowoc Company, Inc. (NYSE:MTW - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 622,300 shares, a drop of 21.8% from the March 15th total of 795,700 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily volume of 268,700 shares, the days-to-cover ratio is currently 2.3 days.

Manitowoc Trading Down 0.1 %

NYSE MTW traded down $0.01 during trading hours on Friday, reaching $13.57. The company had a trading volume of 158,128 shares, compared to its average volume of 216,992. The company has a current ratio of 1.83, a quick ratio of 0.65 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $481.46 million, a P/E ratio of 12.45 and a beta of 2.04. The stock has a 50-day moving average of $14.04 and a 200 day moving average of $14.65. Manitowoc has a 1-year low of $12.20 and a 1-year high of $19.81.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Manitowoc from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research report on Friday, February 16th. StockNews.com cut shares of Manitowoc from a "buy" rating to a "hold" rating in a research note on Thursday, February 22nd. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Manitowoc has a consensus rating of "Hold" and a consensus price target of $17.67.

Institutional Investors Weigh In On Manitowoc

Institutional investors and hedge funds have recently modified their holdings of the company. Qube Research & Technologies Ltd acquired a new stake in Manitowoc during the 3rd quarter worth approximately $38,000. Point72 Asset Management L.P. raised its stake in shares of Manitowoc by 150.0% in the fourth quarter. Point72 Asset Management L.P. now owns 3,000 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 1,800 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Manitowoc by 104.8% in the third quarter. Tower Research Capital LLC TRC now owns 3,285 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 1,681 shares during the period. Castleview Partners LLC acquired a new position in Manitowoc during the 1st quarter worth $61,000. Finally, US Bancorp DE grew its position in shares of Manitowoc by 43.6% during the first quarter. US Bancorp DE now owns 3,775 shares of the industrial products company's stock worth $57,000 after buying an additional 1,146 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company's stock.

Manitowoc Company Profile

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.