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

Wall Street Zen downgraded shares of Manitowoc (NYSE:MTW) from a strong-buy rating to a buy rating in a research note published on Sunday morning,Wall Street Zen reports.

A number of other brokerages also recently commented on MTW. Barclays reissued an “underweight” rating and issued a $16.00 target price (up from $11.00) on shares of Manitowoc in a research note on Monday, August 10th. Wells Fargo & Company lifted their target price on shares of Manitowoc from $10.00 to $12.00 and gave the company an “underweight” rating in a report on Thursday, August 13th. Finally, Weiss Ratings raised shares of Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Sell” and a consensus target price of $14.00.

Manitowoc Trading Up 0.9%

Shares of NYSE:MTW opened at $22.52 on Friday. The stock has a 50-day simple moving average of $21.30 and a 200-day simple moving average of $15.41. Manitowoc has a 1 year low of $9.93 and a 1 year high of $24.00.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Thursday, August 6th. The industrial products company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.11 by $0.35. The business had revenue of $594.90 million during the quarter, compared to analysts’ expectations of $564.00 million. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.08 EPS. Manitowoc has set its FY 2026 guidance at 0.800-1.200 EPS. On average, equities analysts predict that Manitowoc will post 1.00 earnings per share for the current fiscal year.

Institutional Trading of Manitowoc

A number of hedge funds have recently made changes to their positions in MTW. Front Street Capital Management Inc. purchased a new position in shares of Manitowoc in the second quarter valued at $44,547,000. Goldstein Advisors LLC increased its stake in Manitowoc by 3,280.8% during the 3rd quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock worth $14,002,000 after buying an additional 633,193 shares during the period. Bank of New York Mellon Corp acquired a new position in Manitowoc in the 2nd quarter worth $1,717,000. Arrowstreet Capital Limited Partnership lifted its holdings in Manitowoc by 37.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock worth $4,673,000 after buying an additional 108,347 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Manitowoc by 100.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company’s stock worth $1,754,000 after buying an additional 63,215 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.

About Manitowoc

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.