Manitowoc (NYSE:MTW) Price Target Lowered to $11.30 at The Goldman Sachs Group

Manitowoc (NYSE:MTW) had its target price reduced by stock analysts at The Goldman Sachs Group from $13.00 to $11.30 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “sell” rating on the industrial products company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 22.56% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. UBS Group decreased their price objective on Manitowoc from $18.00 to $14.50 and set a “neutral” rating for the company in a research report on Wednesday, June 12th. StockNews.com downgraded Manitowoc from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Finally, Barclays lowered their price objective on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a report on Friday. Three analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Manitowoc has an average rating of “Hold” and an average target price of $13.22.

Manitowoc Price Performance

NYSE:MTW traded down $1.00 on Friday, reaching $9.22. The stock had a trading volume of 739,576 shares, compared to its average volume of 274,475. The company has a market capitalization of $327.69 million, a P/E ratio of 12.29 and a beta of 1.91. The company has a quick ratio of 0.59, a current ratio of 1.77 and a debt-to-equity ratio of 0.63. Manitowoc has a 1-year low of $8.91 and a 1-year high of $17.65. The stock has a fifty day moving average price of $11.31 and a 200-day moving average price of $12.85.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MTW. Vanguard Group Inc. lifted its holdings in Manitowoc by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock valued at $33,223,000 after purchasing an additional 79,213 shares during the last quarter. Federated Hermes Inc. grew its stake in Manitowoc by 44.4% in the 4th quarter. Federated Hermes Inc. now owns 386,958 shares of the industrial products company’s stock valued at $6,458,000 after buying an additional 119,074 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Manitowoc by 18.1% in the 4th quarter. New York State Common Retirement Fund now owns 17,657 shares of the industrial products company’s stock valued at $295,000 after acquiring an additional 2,702 shares during the period. Los Angeles Capital Management LLC raised its holdings in Manitowoc by 9.6% in the 4th quarter. Los Angeles Capital Management LLC now owns 139,975 shares of the industrial products company’s stock valued at $2,336,000 after acquiring an additional 12,230 shares during the period. Finally, Summit Global Investments lifted its position in Manitowoc by 23.8% during the fourth quarter. Summit Global Investments now owns 42,032 shares of the industrial products company’s stock worth $702,000 after acquiring an additional 8,089 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors.

About Manitowoc

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.