JPMorgan Chase & Co. Trims Manitowoc (NYSE:MTW) Target Price to $15.00

Manitowoc (NYSE:MTW) had its price target decreased by JPMorgan Chase & Co. from $17.00 to $15.00 in a research report released on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the industrial products company’s stock.

MTW has been the subject of several other reports. Wells Fargo & Company decreased their target price on shares of Manitowoc from $17.00 to $16.00 and set an equal weight rating for the company in a report on Friday, February 16th. StockNews.com cut shares of Manitowoc from a buy rating to a hold rating in a report on Thursday, February 22nd. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $17.33.

Manitowoc Stock Performance

NYSE:MTW opened at $12.83 on Tuesday. Manitowoc has a twelve month low of $12.20 and a twelve month high of $19.81. The company has a current ratio of 1.83, a quick ratio of 0.65 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $13.74 and a 200-day moving average of $14.60. The firm has a market cap of $455.21 million, a price-to-earnings ratio of 11.77 and a beta of 2.04.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.14). Manitowoc had a net margin of 1.76% and a return on equity of 9.44%. The business had revenue of $595.80 million for the quarter, compared to the consensus estimate of $583.90 million. During the same quarter last year, the business posted $0.74 EPS. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts forecast that Manitowoc will post 1.29 earnings per share for the current fiscal year.

Institutional Trading of Manitowoc

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of Manitowoc by 2.1% during the first quarter. BlackRock Inc. now owns 4,125,640 shares of the industrial products company’s stock worth $70,507,000 after purchasing an additional 84,143 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Manitowoc by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the industrial products company’s stock worth $41,008,000 after purchasing an additional 138,602 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Manitowoc by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 2,314,905 shares of the industrial products company’s stock worth $38,636,000 after purchasing an additional 107,414 shares during the period. Front Street Capital Management Inc. boosted its holdings in shares of Manitowoc by 14.6% during the first quarter. Front Street Capital Management Inc. now owns 2,313,676 shares of the industrial products company’s stock worth $34,890,000 after purchasing an additional 295,092 shares during the period. Finally, Invesco Ltd. raised its position in Manitowoc by 14.5% during the first quarter. Invesco Ltd. now owns 2,227,321 shares of the industrial products company’s stock valued at $33,588,000 after acquiring an additional 281,654 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors and hedge funds.

About Manitowoc

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.