The Manitowoc Company, Inc. (NYSE:MTW - Get Free Report) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 864,200 shares, an increase of 27.6% from the May 15th total of 677,300 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily trading volume, of 261,400 shares, the days-to-cover ratio is currently 3.3 days.
Insiders Place Their Bets
In related news, CEO Aaron H. Ravenscroft purchased 3,000 shares of Manitowoc stock in a transaction on Wednesday, May 7th. The stock was acquired at an average price of $8.68 per share, for a total transaction of $26,040.00. Following the completion of the transaction, the chief executive officer now directly owns 690,142 shares in the company, valued at $5,990,432.56. This represents a 0.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.52% of the company's stock.
Hedge Funds Weigh In On Manitowoc
Institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Manitowoc during the 4th quarter valued at approximately $35,000. Quantbot Technologies LP grew its holdings in Manitowoc by 20.9% during the 4th quarter. Quantbot Technologies LP now owns 10,257 shares of the industrial products company's stock valued at $94,000 after buying an additional 1,771 shares in the last quarter. LPL Financial LLC grew its holdings in Manitowoc by 10.0% during the 4th quarter. LPL Financial LLC now owns 11,374 shares of the industrial products company's stock valued at $104,000 after buying an additional 1,030 shares in the last quarter. GAMMA Investing LLC grew its holdings in Manitowoc by 3,309.6% during the 1st quarter. GAMMA Investing LLC now owns 12,138 shares of the industrial products company's stock valued at $104,000 after buying an additional 11,782 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in Manitowoc during the 4th quarter valued at approximately $115,000. Hedge funds and other institutional investors own 78.66% of the company's stock.
Manitowoc Price Performance
Shares of NYSE:MTW traded down $0.02 during trading on Friday, hitting $11.28. 616,360 shares of the company's stock were exchanged, compared to its average volume of 292,520. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.90 and a quick ratio of 0.64. Manitowoc has a 52-week low of $7.06 and a 52-week high of $13.46. The business's 50-day simple moving average is $9.89 and its 200 day simple moving average is $9.60. The company has a market cap of $399.76 million, a price-to-earnings ratio of 9.02 and a beta of 2.02.
Manitowoc (NYSE:MTW - Get Free Report) last released its earnings results on Tuesday, May 6th. The industrial products company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.03). Manitowoc had a return on equity of 0.63% and a net margin of 2.09%. The business had revenue of $470.90 million for the quarter, compared to analysts' expectations of $479.39 million. During the same quarter in the prior year, the business posted $0.14 EPS. The business's revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, equities analysts predict that Manitowoc will post 0.5 EPS for the current year.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the company. Robert W. Baird cut their target price on Manitowoc from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. UBS Group increased their target price on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.86.
Read Our Latest Stock Report on MTW
Manitowoc Company Profile
(
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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.
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