Manitowoc (NYSE:MTW) Price Target Cut to $10.00 by Analysts at Robert W. Baird

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 decreased by Robert W. Baird from $11.00 to $10.00 in a report released on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company's stock.

A number of other equities research analysts have also recently commented on the company. Barclays increased their price target on Manitowoc from $9.00 to $11.00 and gave the company an "underweight" rating in a research note on Monday, July 21st. UBS Group increased their price objective on Manitowoc from $9.00 to $11.00 and gave the company a "neutral" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $11.00.

Manitowoc Trading Down 2.9%

NYSE MTW traded down $0.27 on Monday, hitting $9.12. The company's stock had a trading volume of 192,792 shares, compared to its average volume of 277,057. The company's 50-day simple moving average is $12.05 and its 200 day simple moving average is $10.41. The firm has a market cap of $323.40 million, a P/E ratio of 7.29 and a beta of 2.07. Manitowoc has a 52-week low of $7.06 and a 52-week high of $13.61. The company has a current ratio of 2.07, a quick ratio of 0.64 and a debt-to-equity ratio of 0.67.

Manitowoc (NYSE:MTW - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The industrial products company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.12). The company had revenue of $539.50 million during the quarter, compared to analysts' expectations of $580.18 million. Manitowoc had a negative return on equity of 0.33% and a net margin of 2.11%. The company's revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 EPS. Research analysts predict that Manitowoc will post 0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Manitowoc

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Manitowoc in the fourth quarter valued at $35,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Manitowoc during the 2nd quarter worth approximately $84,000. CWM LLC grew its position in Manitowoc by 669.9% during the second quarter. CWM LLC now owns 7,329 shares of the industrial products company's stock valued at $88,000 after buying an additional 6,377 shares during the period. LPL Financial LLC boosted its position in 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 purchasing an additional 1,030 shares during the period. Finally, GAMMA Investing LLC raised its stake in 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 in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

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.