Manitex International (MNTX) Rating Increased to Buy at Zacks Investment Research

Manitex International (NASDAQ:MNTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $13.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.45% from the stock’s previous close.

According to Zacks, “MANITEX INTERNATIONAL INC is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles. Through their subsidiaries, they manufacture and market a comprehensive line of boom trucks and sign cranes. Their boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary, which includes the Noble forklift product line, manufactures and sells a complete line of rough terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. “

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Separately, Roth Capital raised Manitex International from a “neutral” rating to a “buy” rating and increased their target price for the stock from $10.00 to $11.00 in a report on Thursday, February 8th.

MNTX opened at $11.77 on Thursday. The firm has a market cap of $199.45, a PE ratio of 58.85 and a beta of 1.40. Manitex International has a 52-week low of $6.21 and a 52-week high of $12.30.

Manitex International (NASDAQ:MNTX) last released its earnings results on Wednesday, March 28th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.03). The company had revenue of $64.48 million for the quarter, compared to analyst estimates of $64.45 million. Manitex International had a positive return on equity of 3.88% and a negative net margin of 3.36%. research analysts anticipate that Manitex International will post 0.47 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlueCrest Capital Management Ltd acquired a new stake in shares of Manitex International during the 4th quarter worth $138,000. OxFORD Asset Management LLP bought a new stake in shares of Manitex International during the 3rd quarter worth $189,000. Algert Global LLC bought a new stake in shares of Manitex International during the 3rd quarter worth $243,000. Bank of New York Mellon Corp lifted its position in shares of Manitex International by 118.8% during the 4th quarter. Bank of New York Mellon Corp now owns 31,305 shares of the industrial products company’s stock worth $300,000 after buying an additional 17,000 shares during the last quarter. Finally, Beddow Capital Management Inc. lifted its position in shares of Manitex International by 16.7% during the 4th quarter. Beddow Capital Management Inc. now owns 35,000 shares of the industrial products company’s stock worth $336,000 after buying an additional 5,000 shares during the last quarter. 61.04% of the stock is currently owned by institutional investors.

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Manitex International Company Profile

Manitex International, Inc provides engineered lifting and loading products worldwide. The company operates through three segments: Lifting Equipment, ASV, and Equipment Distribution segments. The Lifting Equipment segment designs, manufactures, and distributes boom trucks and crane products that are used for industrial projects and energy exploration, as well as for roads, bridges, and residential and commercial construction; and specialized rough terrain cranes and material handling products for the construction, municipality, and railroad industries, as well as truck-mounted aerial platforms and sign cranes.

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