Barclays Begins Coverage on Manitowoc (MTW)

Barclays assumed coverage on shares of Manitowoc (NYSE:MTW) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued an overweight rating and a $45.00 price target on the industrial products company’s stock.

Several other research firms have also weighed in on MTW. Stifel Nicolaus upped their target price on Manitowoc from $36.00 to $48.00 and gave the company a buy rating in a report on Wednesday, November 8th. Robert W. Baird reissued a buy rating and issued a $47.00 target price on shares of Manitowoc in a report on Friday, November 24th. Jefferies Group reissued a buy rating and issued a $42.00 target price on shares of Manitowoc in a report on Friday, October 6th. Royal Bank of Canada raised Manitowoc from a sector perform rating to an outperform rating and upped their target price for the company from $30.00 to $48.00 in a report on Wednesday, November 1st. Finally, Citigroup upped their target price on Manitowoc from $34.00 to $40.00 and gave the company a neutral rating in a report on Friday, October 13th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $37.89.

Manitowoc (NYSE MTW) traded up $0.83 during trading on Tuesday, reaching $39.72. The company’s stock had a trading volume of 235,070 shares, compared to its average volume of 421,105. The company has a current ratio of 1.76, a quick ratio of 0.67 and a debt-to-equity ratio of 0.44. Manitowoc has a 12 month low of $21.00 and a 12 month high of $42.12.

Manitowoc (NYSE:MTW) last posted its earnings results on Monday, November 6th. The industrial products company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.44. The company had revenue of $399.40 million for the quarter, compared to analyst estimates of $385.01 million. Manitowoc had a negative return on equity of 6.17% and a negative net margin of 4.01%. Manitowoc’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.12) earnings per share. equities analysts predict that Manitowoc will post -0.19 EPS for the current year.

In other Manitowoc news, Director Charles David Myers bought 3,854 shares of Manitowoc stock in a transaction that occurred on Wednesday, November 29th. The shares were purchased at an average cost of $39.12 per share, for a total transaction of $150,768.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.82% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTW. Schwab Charles Investment Management Inc. lifted its position in Manitowoc by 5.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 530,382 shares of the industrial products company’s stock worth $3,024,000 after buying an additional 29,652 shares during the period. Bank of America Corp DE lifted its position in Manitowoc by 1.6% during the first quarter. Bank of America Corp DE now owns 90,840 shares of the industrial products company’s stock worth $518,000 after buying an additional 1,391 shares during the period. Credit Suisse AG lifted its position in Manitowoc by 2.4% during the first quarter. Credit Suisse AG now owns 187,534 shares of the industrial products company’s stock worth $1,069,000 after buying an additional 4,463 shares during the period. Aperio Group LLC lifted its position in Manitowoc by 33.6% during the second quarter. Aperio Group LLC now owns 37,840 shares of the industrial products company’s stock worth $227,000 after buying an additional 9,518 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Manitowoc by 44.6% during the second quarter. Russell Investments Group Ltd. now owns 697,265 shares of the industrial products company’s stock worth $4,185,000 after buying an additional 215,156 shares during the period.

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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.

Analyst Recommendations for Manitowoc (NYSE:MTW)

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