Manitowoc (NYSE:MTW) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Manitowoc (NYSE:MTW) had its price objective cut by research analysts at JPMorgan Chase & Co. from $17.00 to $15.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.24% from the company’s current price.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of Manitowoc from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Wells Fargo & Company lowered their target price on shares of Manitowoc from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.33.

Manitowoc Stock Down 2.5 %

Shares of NYSE:MTW traded down $0.33 during midday trading on Tuesday, reaching $13.13. The company had a trading volume of 21,594 shares, compared to its average volume of 257,365. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.83 and a quick ratio of 0.65. The stock’s fifty day moving average price is $13.98 and its 200-day moving average price is $14.64. The stock has a market capitalization of $465.85 million, a P/E ratio of 12.02 and a beta of 2.04. Manitowoc has a one year low of $12.20 and a one year high of $19.81.

Manitowoc (NYSE:MTW) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.14). The company had revenue of $595.80 million during the quarter, compared to the consensus estimate of $583.90 million. Manitowoc had a return on equity of 9.44% and a net margin of 1.76%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 EPS. Equities research analysts expect that Manitowoc will post 1.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Manitowoc

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Manitowoc by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 526,525 shares of the industrial products company’s stock worth $7,941,000 after purchasing an additional 12,948 shares during the period. American Century Companies Inc. acquired a new stake in Manitowoc in the 1st quarter valued at about $339,000. US Bancorp DE lifted its holdings in Manitowoc by 43.6% in the 1st quarter. US Bancorp DE now owns 3,775 shares of the industrial products company’s stock valued at $57,000 after acquiring an additional 1,146 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Manitowoc by 59.8% during the 1st quarter. MetLife Investment Management LLC now owns 15,934 shares of the industrial products company’s stock worth $240,000 after buying an additional 5,963 shares during the period. Finally, BlackRock Inc. raised its holdings in Manitowoc by 2.7% during the 1st quarter. BlackRock Inc. now owns 3,635,795 shares of the industrial products company’s stock worth $54,827,000 after buying an additional 95,428 shares during the period. Institutional investors and hedge funds 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.