Manitowoc (MTW) PT Raised to $37.00

Manitowoc (NYSE:MTW) had its price objective raised by SunTrust Banks to $37.00 in a report issued on Wednesday, January 10th, The Fly reports. The firm currently has a hold rating on the industrial products company’s stock. SunTrust Banks also issued estimates for Manitowoc’s FY2017 earnings at ($0.14) EPS, Q1 2018 earnings at ($0.39) EPS, Q2 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.32 EPS, FY2018 earnings at $0.36 EPS, Q2 2019 earnings at $0.46 EPS, Q4 2019 earnings at $0.65 EPS and FY2019 earnings at $1.44 EPS.

Several other brokerages also recently commented on MTW. Stifel Nicolaus increased their price objective on Manitowoc from $36.00 to $48.00 and gave the stock a buy rating in a research note on Wednesday, November 8th. Jefferies Group reissued a buy rating on shares of Manitowoc in a research note on Friday, November 10th. Citigroup increased their price objective on Manitowoc from $34.00 to $40.00 and gave the stock a neutral rating in a research note on Friday, October 13th. Royal Bank of Canada raised Manitowoc from a sector perform rating to an outperform rating and increased their price objective for the stock from $30.00 to $48.00 in a research note on Wednesday, November 1st. Finally, Barclays started coverage on Manitowoc in a research note on Tuesday, December 12th. They issued an overweight rating and a $45.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Manitowoc has a consensus rating of Buy and an average target price of $39.64.

Shares of Manitowoc (MTW) opened at $38.83 on Wednesday. The company has a market capitalization of $1,384.83, a P/E ratio of -22.58 and a beta of 1.44. Manitowoc has a 52 week low of $21.00 and a 52 week high of $42.12. The company has a quick ratio of 0.67, a current ratio of 1.76 and a debt-to-equity ratio of 0.44.

Manitowoc (NYSE:MTW) last issued its quarterly earnings data on Monday, November 6th. The industrial products company reported $0.36 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.44. The firm had revenue of $399.40 million during the quarter, compared to the consensus estimate of $385.01 million. Manitowoc had a negative return on equity of 6.17% and a negative net margin of 4.01%. The company’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.12) earnings per share. equities research analysts predict that Manitowoc will post -0.18 EPS for the current year.

In other news, Director Charles David Myers bought 3,854 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was acquired at an average cost of $39.12 per share, with a total value of $150,768.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.82% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC increased its position in Manitowoc by 5.2% in the third quarter. Neuberger Berman Group LLC now owns 2,332,981 shares of the industrial products company’s stock worth $20,997,000 after buying an additional 116,087 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Manitowoc in the third quarter worth $308,000. Jane Street Group LLC increased its position in Manitowoc by 210.2% in the third quarter. Jane Street Group LLC now owns 77,553 shares of the industrial products company’s stock worth $698,000 after buying an additional 52,554 shares during the last quarter. Private Advisor Group LLC increased its position in Manitowoc by 46.4% in the third quarter. Private Advisor Group LLC now owns 31,722 shares of the industrial products company’s stock worth $289,000 after buying an additional 10,050 shares during the last quarter. Finally, Invictus RG bought a new position in shares of Manitowoc in the third quarter worth $124,000.

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About Manitowoc

The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.

The Fly

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