Jefferies Financial Group Analysts Boost Earnings Estimates for Manitowoc Company Inc (MTW)
Manitowoc Company Inc (NYSE:MTW) – Equities researchers at Jefferies Financial Group increased their FY2018 earnings per share estimates for shares of Manitowoc in a report released on Tuesday, November 6th. Jefferies Financial Group analyst S. Volkmann now forecasts that the industrial products company will earn $0.60 per share for the year, up from their prior estimate of $0.45. Jefferies Financial Group also issued estimates for Manitowoc’s FY2019 earnings at $1.45 EPS and FY2020 earnings at $2.10 EPS.
Other equities research analysts also recently issued research reports about the stock. Seaport Global Securities set a $31.00 price objective on shares of Manitowoc and gave the stock a “buy” rating in a report on Wednesday, August 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Manitowoc in a report on Sunday, August 12th. Macquarie upped their price objective on shares of Manitowoc from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, August 8th. Citigroup reduced their price objective on shares of Manitowoc from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, August 8th. Finally, Royal Bank of Canada reduced their price objective on shares of Manitowoc to $35.00 and set an “outperform” rating for the company in a report on Wednesday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $30.50.
Manitowoc (NYSE:MTW) last released its quarterly earnings results on Monday, November 5th. The industrial products company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.08 by $0.12. The business had revenue of $450.10 million during the quarter, compared to analyst estimates of $452.64 million. Manitowoc had a net margin of 2.56% and a return on equity of 1.80%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share.
A number of hedge funds have recently bought and sold shares of the stock. LPL Financial LLC lifted its holdings in Manitowoc by 19.4% in the 1st quarter. LPL Financial LLC now owns 16,892 shares of the industrial products company’s stock valued at $481,000 after acquiring an additional 2,739 shares during the last quarter. Royal Bank of Canada lifted its holdings in Manitowoc by 7.7% in the 1st quarter. Royal Bank of Canada now owns 33,024 shares of the industrial products company’s stock valued at $940,000 after acquiring an additional 2,367 shares during the last quarter. Columbia Partners L L C Investment Management lifted its holdings in Manitowoc by 100.0% in the 2nd quarter. Columbia Partners L L C Investment Management now owns 31,524 shares of the industrial products company’s stock valued at $815,000 after acquiring an additional 15,762 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Manitowoc in the 2nd quarter valued at about $291,000. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Manitowoc by 68.2% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 23,201 shares of the industrial products company’s stock valued at $600,000 after acquiring an additional 9,410 shares during the last quarter. 79.78% of the stock is owned by institutional investors and hedge funds.
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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