Robert W. Baird Lowers Manitowoc (NYSE:MTW) Price Target to $12.00

Manitowoc (NYSE:MTW) had its target price reduced by Robert W. Baird from $13.00 to $12.00 in a research report released on Friday morning, Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company’s stock.

Other analysts have also issued reports about the stock. Barclays lowered their target price on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. The Goldman Sachs Group decreased their price target on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on Manitowoc from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, StockNews.com lowered Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.47.

Manitowoc Stock Performance

NYSE MTW opened at $8.90 on Friday. The stock has a market capitalization of $312.57 million, a PE ratio of -32.96 and a beta of 1.84. Manitowoc has a 1-year low of $8.50 and a 1-year high of $17.65. The business has a 50 day simple moving average of $9.66 and a two-hundred day simple moving average of $10.90. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.89 and a quick ratio of 0.58.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.14). Manitowoc had a positive return on equity of 2.41% and a negative net margin of 0.40%. The company had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.49 million. During the same quarter in the prior year, the business earned $0.22 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts predict that Manitowoc will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Manitowoc by 183.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after acquiring an additional 7,441 shares in the last quarter. Empowered Funds LLC increased its position in shares of Manitowoc by 8.2% in the 1st quarter. Empowered Funds LLC now owns 148,404 shares of the industrial products company’s stock valued at $2,098,000 after acquiring an additional 11,200 shares during the period. Isthmus Partners LLC lifted its position in Manitowoc by 44.4% during the 1st quarter. Isthmus Partners LLC now owns 211,217 shares of the industrial products company’s stock worth $2,987,000 after acquiring an additional 64,962 shares during the period. Avantax Advisory Services Inc. increased its holdings in shares of Manitowoc by 63.7% in the first quarter. Avantax Advisory Services Inc. now owns 36,847 shares of the industrial products company’s stock valued at $521,000 after purchasing an additional 14,337 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of Manitowoc in the first quarter worth about $245,000. Hedge funds and other 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.