Manitowoc (NYSE:MTW) Shares Up 11% on Analyst Upgrade

Key Points

• Manitowoc shares jumped 11% after Wall Street Zen upgraded the stock from Buy to Strong Buy; trading volume was 91% below its average.
• Despite the upgrade, analyst sentiment remained cautious: the average rating was Sell, with a $17.50 average price target, below the shares’ recent trading price.
• The company beat quarterly earnings and revenue estimates, reporting $0.31 per share versus $0.20 expected and revenue up 13.8% year over year.

The Manitowoc Company, Inc. (NYSE:MTW - Get Free Report) shares rose 11% on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $24.39 and last traded at $24.8650. 27,646 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 313,619 shares. The stock had previously closed at $22.41.

A number of other equities analysts also recently commented on the stock. Weiss Ratings raised shares of Manitowoc from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Barclays upped their target price on Manitowoc from $16.00 to $20.00 and gave the stock an "underweight" rating in a report on Friday. Finally, Wells Fargo & Company increased their target price on Manitowoc from $12.00 to $15.00 and gave the company an "underweight" rating in a research report on Thursday. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Sell" and an average target price of $17.50.

Institutional Trading of Manitowoc

A number of institutional investors have recently modified their holdings of MTW. Front Street Capital Management Inc. purchased a new stake in shares of Manitowoc during the 2nd quarter valued at $44,547,000. Goldstein Advisors LLC boosted its position in shares of Manitowoc by 3,280.8% in the 3rd quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company's stock worth $14,002,000 after purchasing an additional 633,193 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Manitowoc during the 2nd quarter worth $1,717,000. Arrowstreet Capital Limited Partnership grew its stake in Manitowoc by 37.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company's stock worth $4,673,000 after buying an additional 108,347 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Manitowoc by 100.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company's stock worth $1,754,000 after buying an additional 63,215 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors.

Manitowoc Stock Up 9.6%

The company has a 50-day moving average of $21.89 and a 200-day moving average of $15.78. The company has a market capitalization of $885.86 million, a price-to-earnings ratio of 34.82 and a beta of 1.78. The company has a current ratio of 2.11, a quick ratio of 0.73 and a debt-to-equity ratio of 0.65.

Manitowoc (NYSE:MTW - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.11. Manitowoc had a return on equity of 4.75% and a net margin of 1.10%. The business had revenue of $613.80 million during the quarter, compared to the consensus estimate of $577.00 million. During the same quarter last year, the company earned $0.14 earnings per share. The company's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts predict that The Manitowoc Company, Inc. will post 1.08 earnings per share for the current fiscal year.

Manitowoc Company Profile

The Manitowoc Company, Inc NYSE: MTW is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.

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