Manitowoc Company, Inc. (The) (MTW) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Manitowoc Company, Inc. (The) (NYSE:MTW) from a buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “Manitowoc's second-quarter orders are pegged at $379.5 million, up 9% year over year despite challenging end markets. The overall global market sentiment for lattice boom crawlers and rough-terrain cranes remains soft in the quarter. Demand continues to be muted in the Americas and the Middle East region due to weak rental and used equipment. However, Manitowoc is making significant progress in the implementation of The Manitowoc Way to drive four key strategic priorities – margin expansion, growth, innovation and velocity that will aid it deliver double-digit margin growth in the long term. The company has outperformed the industry year-to-date. Its estimates have gone up lately.”

Several other equities research analysts also recently issued reports on MTW. Jefferies Group LLC reiterated a buy rating and set a $8.00 price target on shares of Manitowoc Company, Inc. (The) in a report on Friday, June 16th. Royal Bank Of Canada reiterated a hold rating and set a $6.50 price target on shares of Manitowoc Company, Inc. (The) in a report on Thursday, June 22nd. Deutsche Bank AG reiterated a hold rating and set a $6.25 price target on shares of Manitowoc Company, Inc. (The) in a report on Tuesday, July 4th. BidaskClub downgraded Manitowoc Company, Inc. (The) from a hold rating to a sell rating in a report on Wednesday, July 19th. Finally, Robert W. Baird upgraded Manitowoc Company, Inc. (The) from a neutral rating to an outperform rating and upped their price target for the stock from $6.00 to $10.00 in a report on Wednesday, August 2nd. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $7.46.

Manitowoc Company, Inc. (NYSE MTW) traded up 0.54% during midday trading on Wednesday, hitting $9.27. The stock had a trading volume of 762,087 shares. The stock’s market capitalization is $1.30 billion. Manitowoc Company, Inc. has a 1-year low of $3.65 and a 1-year high of $9.97. The stock’s 50-day moving average is $8.44 and its 200-day moving average is $6.68.

Manitowoc Company, Inc. (The) (NYSE:MTW) last announced its quarterly earnings results on Monday, August 7th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. Manitowoc Company, Inc. (The) had a negative return on equity of 14.85% and a negative net margin of 14.63%. The business had revenue of $394.60 million during the quarter, compared to the consensus estimate of $396.44 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Manitowoc Company, Inc. (The)’s revenue was down 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Manitowoc Company, Inc. will post ($0.14) EPS for the current fiscal year.

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A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Manitowoc Company, Inc. (The) by 4.6% in the second quarter. Vanguard Group Inc. now owns 10,621,323 shares of the industrial products company’s stock worth $63,834,000 after purchasing an additional 471,356 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Manitowoc Company, Inc. (The) by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 8,647,423 shares of the industrial products company’s stock worth $51,970,000 after purchasing an additional 1,499,384 shares during the last quarter. Southpoint Capital Advisors LP boosted its position in Manitowoc Company, Inc. (The) by 29.2% in the second quarter. Southpoint Capital Advisors LP now owns 7,750,000 shares of the industrial products company’s stock worth $46,578,000 after purchasing an additional 1,750,000 shares during the last quarter. Franklin Resources Inc. boosted its position in Manitowoc Company, Inc. (The) by 14.2% in the second quarter. Franklin Resources Inc. now owns 3,549,300 shares of the industrial products company’s stock worth $21,331,000 after purchasing an additional 440,000 shares during the last quarter. Finally, State Street Corp boosted its position in Manitowoc Company, Inc. (The) by 6.4% in the second quarter. State Street Corp now owns 2,483,741 shares of the industrial products company’s stock worth $14,926,000 after purchasing an additional 150,097 shares during the last quarter. 80.98% of the stock is currently owned by institutional investors and hedge funds.

About Manitowoc Company, Inc. (The)

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.

Analyst Recommendations for Manitowoc Company, Inc. (The) (NYSE:MTW)

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