Barclays Lowers Manitowoc (NYSE:MTW) Price Target to $9.00

Manitowoc (NYSE:MTW) had its target price reduced by analysts at Barclays from $12.00 to $9.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s price target suggests a potential downside of 2.39% from the company’s previous close.

Several other brokerages have also recently weighed in on MTW. The Goldman Sachs Group reduced their price target on Manitowoc from $15.00 to $13.00 and set a “sell” rating on the stock in a research note on Thursday, July 11th. StockNews.com cut Manitowoc from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. UBS Group cut their target price on Manitowoc from $18.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, June 12th. Finally, JPMorgan Chase & Co. cut their target price on Manitowoc from $14.00 to $12.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, Manitowoc presently has an average rating of “Hold” and an average target price of $13.22.

Manitowoc Stock Down 9.8 %

MTW stock traded down $1.00 during midday trading on Friday, hitting $9.22. The stock had a trading volume of 739,576 shares, compared to its average volume of 274,475. The firm has a market cap of $327.69 million, a price-to-earnings ratio of 12.29 and a beta of 1.91. The business has a 50-day moving average of $11.31 and a two-hundred day moving average of $12.85. Manitowoc has a 52-week low of $8.91 and a 52-week high of $17.65. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.77 and a quick ratio of 0.59.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.24). The firm had revenue of $562.10 million during the quarter, compared to analysts’ expectations of $598.00 million. Manitowoc had a return on equity of 7.33% and a net margin of 1.23%. Manitowoc’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.75 earnings per share. As a group, equities research analysts forecast that Manitowoc will post 1.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

Institutional investors have recently modified their holdings of the business. Innealta Capital LLC purchased a new stake in shares of Manitowoc during the second quarter valued at $26,000. CWM LLC boosted its position in shares of Manitowoc by 97.0% during the second quarter. CWM LLC now owns 3,010 shares of the industrial products company’s stock valued at $35,000 after buying an additional 1,482 shares during the last quarter. AJOVista LLC purchased a new stake in shares of Manitowoc during the fourth quarter valued at $69,000. Inlet Private Wealth LLC bought a new position in Manitowoc in the first quarter valued at about $141,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Manitowoc by 183.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after acquiring an additional 7,441 shares during the period. 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.