Robert W. Baird Issues Pessimistic Forecast for Manitowoc (NYSE:MTW) Stock Price

Key Points

• Robert W. Baird has reduced its price target for Manitowoc's stock from $11.00 to $10.00, maintaining a "neutral" rating, indicating a potential downside of 4.49% from the previous close.
• Manitowoc's recent quarterly earnings showed a miss, reporting $0.08 earnings per share against the consensus estimate of $0.20, with revenues down 4.0% year-over-year.
• Institutional investors hold a significant majority, owning 78.66% of Manitowoc's stock, with several firms increasing their positions recently.

Manitowoc (NYSE:MTW - Free Report) had its target price lowered by Robert W. Baird from $11.00 to $10.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company's stock.

MTW has been the topic of a number of other research reports. UBS Group lifted their target price 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. Barclays increased their price target 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. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $11.00.

Manitowoc Stock Performance

MTW traded down $0.39 on Monday, hitting $9.81. The company's stock had a trading volume of 600,788 shares, compared to its average volume of 274,358. The company's 50 day simple moving average is $12.10 and its 200-day simple moving average is $10.41. The firm has a market cap of $347.49 million, a P/E ratio of 7.84 and a beta of 2.07. Manitowoc has a 12 month low of $7.06 and a 12 month high of $13.61. The company has a quick ratio of 0.64, a current ratio of 2.07 and a debt-to-equity ratio of 0.67.

Manitowoc (NYSE:MTW - Get Free Report) last posted its earnings results on Thursday, August 7th. 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 negative return on equity of 0.33% and a net margin of 2.11%. The firm had revenue of $539.50 million during the quarter, compared to analysts' expectations of $580.18 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. The business's revenue for the quarter was down 4.0% compared to the same quarter last year. Analysts forecast that Manitowoc will post 0.5 EPS for the current year.

Institutional Trading of Manitowoc

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC boosted its position in shares of Manitowoc by 10.0% during the fourth quarter. LPL Financial LLC now owns 11,374 shares of the industrial products company's stock worth $104,000 after acquiring an additional 1,030 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Manitowoc by 84.5% during the fourth quarter. JPMorgan Chase & Co. now owns 228,645 shares of the industrial products company's stock worth $2,088,000 after acquiring an additional 104,709 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Manitowoc by 19.7% during the fourth quarter. Wells Fargo & Company MN now owns 25,758 shares of the industrial products company's stock worth $235,000 after acquiring an additional 4,240 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Manitowoc by 2.7% during the fourth quarter. Federated Hermes Inc. now owns 221,048 shares of the industrial products company's stock worth $2,018,000 after acquiring an additional 5,730 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Manitowoc by 15.5% during the fourth quarter. Renaissance Technologies LLC now owns 183,349 shares of the industrial products company's stock worth $1,674,000 after acquiring an additional 24,600 shares during the last quarter. 78.66% of the stock is owned by hedge funds and other institutional investors.

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.