Manitowoc (NYSE:MTW) Upgraded at Zacks Investment Research

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Manitowoc (NYSE:MTW) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $19.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 18.60% from the stock’s previous close.

According to Zacks, “Manitowoc’s third-quarter 2019 adjusted earnings per share improved year over year despite drop in revenues thanks to continued operational improvements and margin expansion. While earnings beat the Zacks Consensus Estimate, revenues missed the same. The company’s 2019 revenue guidance is at $1.85-$1.88 billion, the mid-point of which reflects year-over-year growth of 1%. The EBITDA guidance is at $145-$160 million, indicating year-over-year growth of 31% at the mid-point. Focus on cost controls, increasing productivity and pricing actions are likely to drive Manitowoc's margins in the forthcoming quarters. Product innovation will continue to provide the company a competitive edge. Manitowoc’s strong balance sheet allows it to implement growth strategies while meeting ongoing operational needs.”

A number of other analysts have also recently commented on the company. Goldman Sachs Group raised Manitowoc from a “sell” rating to a “buy” rating and upped their price target for the company from $12.00 to $18.00 in a research note on Friday. Dougherty & Co started coverage on Manitowoc in a research note on Wednesday, August 28th. They issued a “neutral” rating for the company. OTR Global cut Manitowoc from a “mixed” rating to a “negative” rating in a research note on Tuesday, September 10th. Barclays reiterated a “buy” rating and issued a $15.00 price objective on shares of Manitowoc in a research report on Wednesday, October 16th. Finally, Robert W. Baird lowered Manitowoc from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $22.00 to $19.00 in a research report on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $16.83.

Shares of MTW stock traded down $0.28 on Tuesday, reaching $16.02. The company had a trading volume of 78,695 shares, compared to its average volume of 445,839. The company has a current ratio of 1.78, a quick ratio of 0.70 and a debt-to-equity ratio of 0.56. The stock has a market cap of $570.20 million, a PE ratio of 25.03, a PEG ratio of 0.95 and a beta of 2.16. The company has a 50-day moving average of $12.51 and a 200-day moving average of $14.96. Manitowoc has a 12 month low of $10.49 and a 12 month high of $20.09.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.20. The company had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $455.27 million. Manitowoc had a positive return on equity of 10.22% and a negative net margin of 2.17%. Manitowoc’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 EPS. Sell-side analysts anticipate that Manitowoc will post 1.7 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the company. Firefly Value Partners LP raised its stake in shares of Manitowoc by 4.4% during the 2nd quarter. Firefly Value Partners LP now owns 3,521,603 shares of the industrial products company’s stock worth $62,685,000 after purchasing an additional 150,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Manitowoc by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,342,682 shares of the industrial products company’s stock worth $59,500,000 after purchasing an additional 65,053 shares in the last quarter. BlackRock Inc. raised its stake in shares of Manitowoc by 0.7% during the 2nd quarter. BlackRock Inc. now owns 2,479,273 shares of the industrial products company’s stock worth $44,131,000 after purchasing an additional 18,250 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Manitowoc during the 2nd quarter worth approximately $30,401,000. Finally, Front Street Capital Management Inc. raised its stake in shares of Manitowoc by 62.9% during the 2nd quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after purchasing an additional 411,197 shares in the last quarter. Institutional investors own 78.67% of the company’s stock.

About Manitowoc

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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