Manitowoc (NYSE:MTW) Upgraded by Goldman Sachs Group to “Buy”

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Manitowoc (NYSE:MTW) was upgraded by equities research analysts at Goldman Sachs Group from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage currently has a $18.00 price target on the industrial products company’s stock, up from their previous price target of $12.00. Goldman Sachs Group’s price objective would suggest a potential upside of 11.04% from the company’s current price.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada restated a “hold” rating and issued a $20.00 target price on shares of Manitowoc in a research note on Tuesday, August 13th. OTR Global cut Manitowoc from a “mixed” rating to a “negative” rating in a research note on Tuesday, September 10th. Robert W. Baird cut Manitowoc from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $22.00 to $19.00 in a research note on Monday, August 12th. Zacks Investment Research cut Manitowoc from a “buy” rating to a “hold” rating and set a $17.00 target price for the company. in a research note on Tuesday, August 13th. Finally, Shore Capital restated a “buy” rating on shares of Manitowoc in a research note on Monday, October 21st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $16.50.

NYSE MTW traded up $2.29 on Friday, hitting $16.21. The company’s stock had a trading volume of 2,042,259 shares, compared to its average volume of 422,777. Manitowoc has a 52-week low of $10.49 and a 52-week high of $20.09. The company has a current ratio of 1.78, a quick ratio of 0.70 and a debt-to-equity ratio of 0.56. The company’s 50-day simple moving average is $12.39 and its 200 day simple moving average is $14.99. The firm has a market cap of $501.58 million, a P/E ratio of 25.33, a PEG ratio of 0.84 and a beta of 2.16.

Manitowoc (NYSE:MTW) last released its earnings results on Thursday, November 7th. The industrial products company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.20. The company had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $455.27 million. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. On average, research analysts forecast that Manitowoc will post 1.7 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of MTW. Nuveen Asset Management LLC bought a new position in Manitowoc during the 2nd quarter valued at approximately $30,401,000. Invesco Ltd. grew its holdings in shares of Manitowoc by 591.2% in the second quarter. Invesco Ltd. now owns 595,125 shares of the industrial products company’s stock worth $10,594,000 after acquiring an additional 509,025 shares during the period. Front Street Capital Management Inc. grew its holdings in shares of Manitowoc by 62.9% in the second quarter. Front Street Capital Management Inc. now owns 1,065,422 shares of the industrial products company’s stock worth $18,967,000 after acquiring an additional 411,197 shares during the period. Bank of America Corp DE grew its holdings in shares of Manitowoc by 205.6% in the second quarter. Bank of America Corp DE now owns 276,574 shares of the industrial products company’s stock worth $4,923,000 after acquiring an additional 186,070 shares during the period. Finally, Price Capital Management Inc. purchased a new position in Manitowoc during the second quarter valued at $2,808,000. 78.87% of the stock is owned by institutional investors.

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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Analyst Recommendations for Manitowoc (NYSE:MTW)

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