Zacks Investment Research lowered shares of Manitowoc (NYSE:MTW) from a strong-buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “Manitowoc's third-quarter orders stood at $376 million, up 21% year over year. This bodes well for fourth quarter performance. The Americas is showing emerging momentum in demand from energy and commercial construction markets. Additionally, the implementation of The Manitowoc Way to drive four key strategic priorities — margin expansion, growth, innovation and velocity — will aid Manitowoc deliver double-digit margin growth in the long term. Furthermore, the  company has outperformed the industry year to date. However, excess inventory due to cancellation of an order in India, higher input costs (particularly steel) and slowdown in mobile cranes and commercial construction projects will affect Manitowoc’s results in the near term.”

Several other brokerages have also recently issued reports on MTW. Stifel Nicolaus increased their price objective on Manitowoc from $36.00 to $48.00 and gave the company a buy rating in a research note on Wednesday, November 8th. Barclays initiated coverage on Manitowoc in a report on Tuesday, December 12th. They issued an overweight rating and a $45.00 target price on the stock. Robert W. Baird reissued a buy rating and issued a $47.00 target price on shares of Manitowoc in a report on Friday, November 24th. Royal Bank of Canada raised Manitowoc from a sector perform rating to an outperform rating and increased their target price for the company from $30.00 to $48.00 in a report on Wednesday, November 1st. Finally, Jefferies Group reissued a buy rating and issued a $42.00 target price on shares of Manitowoc in a report on Friday, October 6th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $37.89.

Shares of Manitowoc (NYSE MTW) traded down $0.35 during midday trading on Thursday, hitting $39.54. The stock had a trading volume of 292,388 shares, compared to its average volume of 467,409. The firm has a market capitalization of $1,380.00, a PE ratio of -28.86 and a beta of 1.56. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.67 and a current ratio of 1.76. Manitowoc has a twelve month low of $21.00 and a twelve month high of $42.12.

Manitowoc (NYSE:MTW) last announced its quarterly earnings data on Monday, November 6th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.44. The business had revenue of $399.40 million for the quarter, compared to analysts’ expectations of $385.01 million. Manitowoc had a negative return on equity of 6.17% and a negative net margin of 4.01%. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.12) earnings per share. sell-side analysts expect that Manitowoc will post -0.19 earnings per share for the current fiscal year.

In other news, Director Charles David Myers acquired 3,854 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were bought at an average price of $39.12 per share, with a total value of $150,768.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.82% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN grew its holdings in shares of Manitowoc by 17.1% during the second quarter. Wells Fargo & Company MN now owns 151,840 shares of the industrial products company’s stock worth $912,000 after purchasing an additional 22,133 shares during the last quarter. Van Den Berg Management I Inc. grew its holdings in shares of Manitowoc by 18.4% during the third quarter. Van Den Berg Management I Inc. now owns 1,789,888 shares of the industrial products company’s stock worth $16,109,000 after purchasing an additional 278,220 shares during the last quarter. Sowell Financial Services LLC purchased a new position in shares of Manitowoc during the third quarter worth about $1,128,000. The Manufacturers Life Insurance Company grew its holdings in shares of Manitowoc by 5.0% during the second quarter. The Manufacturers Life Insurance Company now owns 1,071,572 shares of the industrial products company’s stock worth $6,441,000 after purchasing an additional 51,175 shares during the last quarter. Finally, JHL Capital Group LLC boosted its stake in shares of Manitowoc by 100.0% during the second quarter. JHL Capital Group LLC now owns 1,500,000 shares of the industrial products company’s stock worth $9,015,000 after buying an additional 750,000 shares during the period.

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About Manitowoc

The Manitowoc Company, Inc is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name.

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