Manitowoc (NYSE:MTW) Stock Price Crosses Above 50 Day Moving Average – Here’s What Happened

The Manitowoc Company, Inc. (NYSE:MTW) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $21.89 and traded as high as $22.95. Manitowoc shares last traded at $22.3130, with a volume of 438,176 shares.

Analysts Set New Price Targets

Several equities analysts have issued reports on MTW shares. Wall Street Zen raised shares of Manitowoc from a “buy” rating to a “strong-buy” rating in a report on Saturday. Wells Fargo & Company boosted their target price on shares of Manitowoc from $12.00 to $15.00 and gave the stock an “underweight” rating in a research note on Thursday. Barclays boosted their target price on shares of Manitowoc from $16.00 to $20.00 and gave the stock an “underweight” rating in a research note on Friday. Finally, Weiss Ratings upgraded shares of Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Manitowoc presently has an average rating of “Sell” and an average price target of $17.50.

Manitowoc Price Performance

The company has a debt-to-equity ratio of 0.65, a current ratio of 2.11 and a quick ratio of 0.75. The stock has a 50 day moving average price of $21.89 and a 200-day moving average price of $15.78. The stock has a market capitalization of $804.61 million, a price-to-earnings ratio of 31.43 and a beta of 1.78.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.20 by $0.11. The firm had revenue of $613.80 million during the quarter, compared to the consensus estimate of $577.00 million. Manitowoc had a return on equity of 4.75% and a net margin of 1.10%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 EPS. On average, analysts forecast that The Manitowoc Company, Inc. will post 1.08 earnings per share for the current year.

Institutional Investors Weigh In On Manitowoc

A number of hedge funds have recently modified their holdings of the business. Front Street Capital Management Inc. purchased a new position in shares of Manitowoc during the 2nd quarter worth $44,547,000. Goldstein Advisors LLC increased its position in shares of Manitowoc by 3,280.8% during the 3rd quarter. Goldstein Advisors LLC now owns 652,493 shares of the industrial products company’s stock worth $14,002,000 after purchasing an additional 633,193 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Manitowoc during the 2nd quarter worth about $1,717,000. Arrowstreet Capital Limited Partnership raised its holdings in Manitowoc by 37.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 401,100 shares of the industrial products company’s stock valued at $4,673,000 after buying an additional 108,347 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in Manitowoc by 100.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 126,284 shares of the industrial products company’s stock valued at $1,754,000 after buying an additional 63,215 shares during the period. 78.66% of the stock is currently owned by institutional investors and hedge funds.

About Manitowoc

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.