Manitowoc (NYSE:MTW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “For 2018, Manitowoc expects adjusted EBITDA to lie between $96 million and $116 million, a 57% increase at the mid-point. The Americas is showing emerging momentum in demand from energy and commercial construction markets. Europe has been stable and continues to grow in residential and commercial construction markets. In Australia, there has been a rebound in mining, which along with large infrastructure, residential and commercial projects, is driving crane demand. However, cost pressures pertaining to materials, labor are expected to remain headwinds in the near term. Further, the crawler and rough terrain markets continue to be sluggish. The company’s cost reduction and facility consolidation efforts continue to yield savings but are not yet being fully leveraged given current low volumes. The company has underperformed the industry over the past year.”
A number of other equities research analysts have also recently commented on the stock. Seaport Global Securities upgraded shares of Manitowoc from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Monday, November 20th. Robert W. Baird restated a “buy” rating and set a $47.00 target price on shares of Manitowoc in a research note on Friday, November 24th. Barclays initiated coverage on shares of Manitowoc in a research note on Tuesday, December 12th. They set an “overweight” rating and a $45.00 target price on the stock. Jefferies Group restated a “buy” rating on shares of Manitowoc in a research note on Friday, November 10th. Finally, Stifel Nicolaus raised their target price on shares of Manitowoc from $36.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Manitowoc presently has a consensus rating of “Hold” and a consensus target price of $38.85.
Manitowoc (NYSE:MTW) last released its earnings results on Thursday, February 8th. The industrial products company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Manitowoc had a negative return on equity of 1.54% and a net margin of 0.59%. The firm had revenue of $481.50 million for the quarter, compared to the consensus estimate of $423.27 million. During the same quarter in the previous year, the business posted ($0.24) EPS. Manitowoc’s revenue was up 27.3% on a year-over-year basis. equities analysts forecast that Manitowoc will post 0.51 earnings per share for the current year.
In other news, SVP Thomas G. Musial sold 4,476 shares of Manitowoc stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $33.84, for a total transaction of $151,467.84. Following the sale, the senior vice president now owns 54,319 shares in the company, valued at $1,838,154.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Thomas G. Musial sold 3,327 shares of Manitowoc stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $27.92, for a total transaction of $92,889.84. Following the sale, the senior vice president now owns 50,965 shares in the company, valued at approximately $1,422,942.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,179 shares of company stock worth $288,486. Company insiders own 2.82% of the company’s stock.
Several hedge funds have recently bought and sold shares of MTW. Ameriprise Financial Inc. grew its holdings in shares of Manitowoc by 14.2% in the second quarter. Ameriprise Financial Inc. now owns 30,051 shares of the industrial products company’s stock valued at $180,000 after purchasing an additional 3,733 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Manitowoc by 10.7% in the second quarter. Voya Investment Management LLC now owns 59,174 shares of the industrial products company’s stock valued at $356,000 after purchasing an additional 5,731 shares in the last quarter. State Street Corp grew its holdings in shares of Manitowoc by 6.4% in the second quarter. State Street Corp now owns 2,483,741 shares of the industrial products company’s stock valued at $14,926,000 after purchasing an additional 150,097 shares in the last quarter. Nationwide Fund Advisors grew its holdings in shares of Manitowoc by 33.9% in the third quarter. Nationwide Fund Advisors now owns 142,328 shares of the industrial products company’s stock valued at $1,281,000 after purchasing an additional 36,018 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its holdings in shares of Manitowoc by 3.5% in the third quarter. State of Wisconsin Investment Board now owns 376,696 shares of the industrial products company’s stock valued at $3,390,000 after purchasing an additional 12,683 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.
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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.
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