Manitowoc (MTW) PT Lowered to $35.00

Manitowoc (NYSE:MTW) had its target price cut by stock analysts at Royal Bank of Canada to $35.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 73.96% from the stock’s current price. The analysts noted that the move was a valuation call.

Several other equities research analysts also recently issued reports on MTW. Seaport Global Securities set a $31.00 price objective on shares of Manitowoc and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Stifel Nicolaus restated a “buy” rating and issued a $33.00 price objective on shares of Manitowoc in a research note on Sunday, August 12th. Macquarie raised their price objective on shares of Manitowoc from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 8th. Citigroup lowered their price objective on shares of Manitowoc from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 8th. Finally, Robert W. Baird upgraded shares of Manitowoc from a “neutral” rating to an “outperform” rating and set a $32.00 price objective on the stock in a research note on Thursday, September 20th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Manitowoc presently has an average rating of “Buy” and a consensus price target of $30.50.

Shares of MTW stock opened at $20.12 on Wednesday. Manitowoc has a 12 month low of $16.74 and a 12 month high of $44.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.73 and a current ratio of 1.65. The company has a market cap of $665.95 million, a price-to-earnings ratio of -77.38 and a beta of 1.62.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Monday, November 5th. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.08 by $0.12. Manitowoc had a return on equity of 2.77% and a net margin of 2.53%. The company had revenue of $450.10 million for the quarter, compared to the consensus estimate of $452.64 million. During the same quarter last year, the company posted $0.37 earnings per share. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Manitowoc will post 0.52 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of MTW. LPL Financial LLC lifted its position in Manitowoc by 19.4% in the first quarter. LPL Financial LLC now owns 16,892 shares of the industrial products company’s stock worth $481,000 after purchasing an additional 2,739 shares during the period. Royal Bank of Canada lifted its position in Manitowoc by 7.7% in the first quarter. Royal Bank of Canada now owns 33,024 shares of the industrial products company’s stock worth $940,000 after purchasing an additional 2,367 shares during the period. Columbia Partners L L C Investment Management lifted its position in Manitowoc by 100.0% in the second quarter. Columbia Partners L L C Investment Management now owns 31,524 shares of the industrial products company’s stock worth $815,000 after purchasing an additional 15,762 shares during the period. Fox Run Management L.L.C. bought a new position in Manitowoc in the second quarter worth $291,000. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its position in Manitowoc by 68.2% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 23,201 shares of the industrial products company’s stock worth $600,000 after purchasing an additional 9,410 shares during the period. 79.78% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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The Fly

Analyst Recommendations for Manitowoc (NYSE:MTW)

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