Shares of Manitowoc Company, Inc. (The) (NYSE:MTW) reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $7.78 and last traded at $7.80, with a volume of 4,672,808 shares. The stock had previously closed at $7.41.
The industrial products company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.09. Manitowoc Company, Inc. (The) had a negative return on equity of 14.18% and a negative net margin of 14.37%. The company had revenue of $394.60 million for the quarter, compared to the consensus estimate of $396.44 million. During the same quarter in the previous year, the business earned $0.03 EPS. The company’s quarterly revenue was down 13.8% compared to the same quarter last year.
A number of analysts have recently commented on the company. Robert W. Baird raised Manitowoc Company, Inc. (The) from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $6.00 to $10.00 in a research note on Wednesday, August 2nd. BidaskClub raised Manitowoc Company, Inc. (The) from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research downgraded Manitowoc Company, Inc. (The) from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reissued a “hold” rating and issued a $6.50 price objective on shares of Manitowoc Company, Inc. (The) in a research note on Thursday, June 22nd. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Manitowoc Company, Inc. (The) in a research note on Tuesday, April 11th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $5.89.
Several institutional investors have recently modified their holdings of the company. OMERS ADMINISTRATION Corp bought a new position in shares of Manitowoc Company, Inc. (The) during the second quarter worth about $198,000. Cambridge Investment Research Advisors Inc. boosted its position in shares of Manitowoc Company, Inc. (The) by 8.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 34,431 shares of the industrial products company’s stock worth $207,000 after buying an additional 2,720 shares during the last quarter. Welch Group LLC bought a new position in shares of Manitowoc Company, Inc. (The) during the second quarter worth about $151,000. Marshall Wace North America L.P. boosted its position in shares of Manitowoc Company, Inc. (The) by 1,392.5% in the second quarter. Marshall Wace North America L.P. now owns 171,179 shares of the industrial products company’s stock worth $1,027,000 after buying an additional 159,710 shares during the last quarter. Finally, Annex Advisory Services LLC boosted its position in shares of Manitowoc Company, Inc. (The) by 22.3% in the second quarter. Annex Advisory Services LLC now owns 17,328 shares of the industrial products company’s stock worth $104,000 after buying an additional 3,158 shares during the last quarter. Institutional investors and hedge funds own 79.25% of the company’s stock.
The company’s market cap is $1.10 billion. The stock has a 50-day moving average price of $5.93 and a 200 day moving average price of $6.01.
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Manitowoc Company, Inc. (The) Company Profile
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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