Manitowoc (NYSE:MTW) Cut to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Manitowoc (NYSE:MTW) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $17.00 price objective on the industrial products company’s stock.

According to Zacks, “Manitowoc’s second-quarter 2019 adjusted earnings per share (EPS) and revenues both improved from the prior-year quarter. While the bottom line beat the Zacks Consensus Estimate, the top line missed the same. The company’s 2019 revenue guidance is at $1.88-$1.92 billion, the mid-point of which reflects year-over-year growth of 3%. The EBITDA guidance is at $140-$160 million, indicating year-over-year improvement of 29% at the midpoint. Input cost inflation and recent slowdown in orders owing to cautious customer spending remain concerns. The company has underperformed the industry over the past year.Nevertheless, Manitowoc remains focused on cost controls, increasing productivity and pricing actions to improve margins. Furthermore, product innovation and solid after-market business will bolster growth.”

A number of other analysts have also recently weighed in on MTW. Royal Bank of Canada restated a hold rating and issued a $20.00 price target on shares of Manitowoc in a report on Tuesday. ValuEngine cut shares of Manitowoc from a sell rating to a strong sell rating in a report on Friday, May 10th. Finally, Robert W. Baird cut shares of Manitowoc from an outperform rating to a neutral rating and lowered their price target for the company from $22.00 to $19.00 in a report on Monday. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $18.67.

NYSE MTW opened at $16.03 on Tuesday. The company has a quick ratio of 0.69, a current ratio of 1.76 and a debt-to-equity ratio of 0.66. The stock has a market cap of $581.23 million, a P/E ratio of 25.05 and a beta of 2.11. The firm’s 50-day simple moving average is $17.17. Manitowoc has a one year low of $13.22 and a one year high of $26.88.

Manitowoc (NYSE:MTW) last posted its earnings results on Thursday, August 8th. The industrial products company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.42. The business had revenue of $504.70 million for the quarter, compared to the consensus estimate of $509.51 million. Manitowoc had a negative net margin of 2.52% and a positive return on equity of 7.97%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. As a group, equities research analysts expect that Manitowoc will post 1.39 earnings per share for the current year.

In other news, CFO David J. Antoniuk sold 6,014 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $13.96, for a total value of $83,955.44. Following the sale, the chief financial officer now directly owns 37,544 shares in the company, valued at approximately $524,114.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Raymond James & Associates boosted its holdings in shares of Manitowoc by 6.6% in the 4th quarter. Raymond James & Associates now owns 12,602 shares of the industrial products company’s stock valued at $186,000 after buying an additional 782 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Manitowoc by 20.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock valued at $84,000 after buying an additional 800 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Manitowoc by 12.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,725 shares of the industrial products company’s stock valued at $143,000 after buying an additional 1,000 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Manitowoc by 12.1% in the 4th quarter. Legal & General Group Plc now owns 14,095 shares of the industrial products company’s stock valued at $208,000 after buying an additional 1,520 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Manitowoc by 16.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,666 shares of the industrial products company’s stock valued at $205,000 after buying an additional 1,648 shares in the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

Manitowoc Company Profile

The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.

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