Manitowoc (NYSE:MTW) Price Target Lowered to $12.00 at Robert W. Baird

Manitowoc (NYSE:MTW) had its target price reduced by equities researchers at Robert W. Baird from $13.00 to $12.00 in a report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Robert W. Baird’s target price would suggest a potential upside of 28.48% from the company’s current price.

Several other research firms have also commented on MTW. JPMorgan Chase & Co. increased their price objective on shares of Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. StockNews.com downgraded shares of Manitowoc from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. The Goldman Sachs Group reduced their price objective on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research note on Friday, August 9th. Finally, Barclays lowered their price objective on Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.47.

Manitowoc Trading Down 9.9 %

Shares of MTW stock opened at $9.34 on Friday. The stock’s 50-day moving average price is $9.68 and its 200-day moving average price is $10.94. Manitowoc has a 12-month low of $8.50 and a 12-month high of $17.65. The stock has a market capitalization of $328.02 million, a price-to-earnings ratio of -34.59 and a beta of 1.84. The company has a current ratio of 1.89, a quick ratio of 0.58 and a debt-to-equity ratio of 0.69.

Manitowoc (NYSE:MTW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.18). Manitowoc had a positive return on equity of 2.41% and a negative net margin of 0.40%. The firm had revenue of $524.80 million for the quarter, compared to analysts’ expectations of $516.49 million. During the same period last year, the company earned $0.22 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Equities research analysts predict that Manitowoc will post 0.62 EPS for the current fiscal year.

Institutional Trading of Manitowoc

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE grew its position in Manitowoc by 88.1% in the 3rd quarter. US Bancorp DE now owns 2,834 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 1,327 shares during the last quarter. Tectonic Advisors LLC bought a new position in shares of Manitowoc in the third quarter worth about $376,000. nVerses Capital LLC purchased a new position in Manitowoc in the 3rd quarter worth about $51,000. Strong Tower Advisory Services increased its stake in Manitowoc by 33.6% in the 3rd quarter. Strong Tower Advisory Services now owns 20,084 shares of the industrial products company’s stock worth $193,000 after buying an additional 5,053 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Manitowoc during the 3rd quarter valued at about $129,000. 78.66% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Company Profile

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.