Manitowoc (NYSE:MTW) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen has downgraded Manitowoc (NYSE: MTW) from a "hold" to a "sell" rating, indicating a more pessimistic outlook for the stock.
• Manitowoc reported earnings of $0.08 per share for the last quarter, missing the consensus estimate of $0.20, and experienced a revenue decline of 4.0% year-over-year.
• Despite the downgrade, analysts have set a consensus target price of $11.00 for Manitowoc, with mixed ratings from other firms, including two sell ratings and three holds.

Manitowoc (NYSE:MTW - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

A number of other analysts have also commented on the company. Barclays lifted their price objective on Manitowoc from $9.00 to $11.00 and gave the stock an "underweight" rating in a research report on Monday, July 21st. UBS Group lifted their price objective on Manitowoc from $9.00 to $11.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Robert W. Baird decreased their target price on Manitowoc from $11.00 to $10.00 and set a "neutral" rating for the company in a research report on Monday, August 11th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Reduce" and an average target price of $11.00.

Manitowoc Price Performance

Shares of Manitowoc stock traded up $0.01 during trading on Friday, reaching $9.39. The company's stock had a trading volume of 107,999 shares, compared to its average volume of 279,767. The stock has a 50-day moving average price of $11.98 and a two-hundred day moving average price of $10.40. The company has a current ratio of 2.07, a quick ratio of 0.68 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $332.97 million, a P/E ratio of 7.51 and a beta of 2.07. Manitowoc has a one year low of $7.06 and a one year high of $13.61.

Manitowoc (NYSE:MTW - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The industrial products company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.12). The firm had revenue of $539.50 million during the quarter, compared to analyst estimates of $580.18 million. Manitowoc had a negative return on equity of 0.33% and a net margin of 2.11%.Manitowoc's revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.25 earnings per share. As a group, sell-side analysts anticipate that Manitowoc will post 0.5 EPS for the current fiscal year.

Institutional Trading of Manitowoc

Several large investors have recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of Manitowoc during the 2nd quarter worth $327,000. Tower Research Capital LLC TRC raised its position in Manitowoc by 131.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the industrial products company's stock valued at $55,000 after purchasing an additional 2,575 shares during the last quarter. Lazard Asset Management LLC bought a new position in Manitowoc in the second quarter valued at about $198,000. BNP Paribas Financial Markets raised its position in Manitowoc by 556.7% in the second quarter. BNP Paribas Financial Markets now owns 134,112 shares of the industrial products company's stock valued at $1,612,000 after purchasing an additional 113,690 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its position in Manitowoc by 2.4% in the second quarter. Bridgeway Capital Management LLC now owns 327,860 shares of the industrial products company's stock valued at $3,941,000 after purchasing an additional 7,720 shares during the last quarter. 78.66% of the stock is owned by institutional investors and hedge funds.

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.