JPMorgan Chase & Co. Boosts Manitowoc (NYSE:MTW) Price Target to $12.00

Manitowoc (NYSE:MTW) had its price target upped by stock analysts at JPMorgan Chase & Co. from $10.00 to $12.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 20.12% from the stock’s current price.

MTW has been the topic of several other research reports. Barclays reduced their price target on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group reduced their target price on Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a report on Friday, August 9th. Finally, StockNews.com cut Manitowoc from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, Manitowoc currently has a consensus rating of “Hold” and a consensus target price of $12.56.

Manitowoc Stock Performance

Manitowoc stock traded up $0.24 during midday trading on Monday, hitting $9.99. The company’s stock had a trading volume of 52,548 shares, compared to its average volume of 267,200. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.89 and a quick ratio of 0.58. The company has a market cap of $355.05 million, a price-to-earnings ratio of 13.25 and a beta of 1.84. Manitowoc has a 1-year low of $8.85 and a 1-year high of $17.65. The company has a 50-day moving average price of $9.69 and a two-hundred day moving average price of $11.29.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results 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). The company had revenue of $562.10 million during the quarter, compared to analyst estimates of $598.00 million. Manitowoc had a net margin of 0.40% and a return on equity of 4.28%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same period last year, the firm earned $0.75 EPS. As a group, sell-side analysts predict that Manitowoc will post 0.64 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. TCW Group Inc. grew its holdings in Manitowoc by 65.4% during the 2nd quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock worth $4,683,000 after acquiring an additional 160,601 shares during the last quarter. American Century Companies Inc. raised its position in shares of Manitowoc by 33.6% during the second quarter. American Century Companies Inc. now owns 262,603 shares of the industrial products company’s stock worth $3,028,000 after acquiring an additional 66,013 shares during the last quarter. Front Street Capital Management Inc. lifted its stake in shares of Manitowoc by 8.4% in the second quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock worth $32,361,000 after acquiring an additional 217,389 shares during the period. Boston Partners boosted its position in Manitowoc by 22.9% during the first quarter. Boston Partners now owns 15,422 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 2,874 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Manitowoc by 31.1% in the second quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after buying an additional 140,042 shares during the period. Institutional investors and hedge funds own 78.66% of the company’s stock.

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.