Manitowoc (NYSE:MTW) Price Target Cut to $9.00 by Analysts at Barclays

Manitowoc (NYSE:MTW) had its target price cut by Barclays from $12.00 to $9.00 in a research note released on Friday morning, Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

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

Manitowoc Stock Performance

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

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its position in Manitowoc by 86.7% in the 2nd quarter. Renaissance Technologies LLC now owns 94,949 shares of the industrial products company’s stock worth $1,095,000 after purchasing an additional 44,100 shares during the last quarter. Perritt Capital Management Inc raised its position in shares of Manitowoc by 60.0% during the 2nd quarter. Perritt Capital Management Inc now owns 24,000 shares of the industrial products company’s stock valued at $277,000 after acquiring an additional 9,000 shares during the last quarter. American Century Companies Inc. raised its position in shares of Manitowoc by 33.6% during the 2nd quarter. American Century Companies Inc. now owns 262,603 shares of the industrial products company’s stock valued at $3,028,000 after acquiring an additional 66,013 shares during the last quarter. Isthmus Partners LLC raised its position in shares of Manitowoc by 1.8% during the 2nd quarter. Isthmus Partners LLC now owns 214,984 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 3,767 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Manitowoc in the 2nd quarter valued at $8,813,000. Institutional investors own 78.66% of the company’s stock.

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.