The Manitowoc Company, Inc. (NYSE:MTW) Short Interest Down 15.6% in December

The Manitowoc Company, Inc. (NYSE:MTW) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totalling 564,800 shares, a drop of 15.6% from the November 30th total of 669,500 shares. Based on an average trading volume of 305,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.7% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MTW. Bank of New York Mellon Corp boosted its position in shares of Manitowoc by 5.9% in the second quarter. Bank of New York Mellon Corp now owns 173,983 shares of the industrial products company’s stock worth $2,006,000 after purchasing an additional 9,753 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Manitowoc by 144.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 28,151 shares of the industrial products company’s stock worth $325,000 after buying an additional 16,646 shares during the period. Innealta Capital LLC bought a new position in Manitowoc in the 2nd quarter worth $26,000. Victory Capital Management Inc. bought a new stake in Manitowoc during the second quarter valued at about $8,813,000. Finally, Isthmus Partners LLC lifted its position in shares of Manitowoc by 1.8% in the second quarter. Isthmus Partners LLC now owns 214,984 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 3,767 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors.

Manitowoc Stock Performance

Shares of NYSE MTW traded down $0.18 during midday trading on Friday, hitting $8.77. 240,940 shares of the stock traded hands, compared to its average volume of 280,609. The firm has a market capitalization of $308.06 million, a P/E ratio of -32.48 and a beta of 1.83. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.60 and a current ratio of 1.97. Manitowoc has a one year low of $8.50 and a one year high of $17.65. The firm has a 50-day moving average of $9.96 and a two-hundred day moving average of $10.23.

Manitowoc (NYSE:MTW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.14). Manitowoc had a negative net margin of 0.40% and a positive return on equity of 2.40%. The business had revenue of $524.80 million for the quarter, compared to the consensus estimate of $516.49 million. During the same quarter last year, the firm posted $0.22 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts forecast that Manitowoc will post 0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MTW shares. Robert W. Baird cut their price objective on shares of Manitowoc from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. StockNews.com raised shares of Manitowoc from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Manitowoc from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.47.

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.