Barclays Cuts Manitowoc (NYSE:MTW) Price Target to $12.00

Manitowoc (NYSE:MTW) had its price target lowered by investment analysts at Barclays from $15.00 to $12.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s target price would indicate a potential downside of 6.83% from the company’s previous close.

Several other brokerages have also recently commented on MTW. Wells Fargo & Company decreased their price target on shares of Manitowoc from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, February 16th. StockNews.com downgraded Manitowoc from a “buy” rating to a “hold” rating in a research report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. cut their price target on Manitowoc from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $16.83.

Manitowoc Stock Performance

NYSE:MTW opened at $12.88 on Monday. The stock has a 50-day moving average price of $13.66 and a 200 day moving average price of $14.59. The stock has a market capitalization of $456.98 million, a P/E ratio of 11.82 and a beta of 2.04. Manitowoc has a 12-month low of $12.20 and a 12-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.

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

Institutional Trading of Manitowoc

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in Manitowoc by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 526,525 shares of the industrial products company’s stock worth $7,941,000 after acquiring an additional 12,948 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Manitowoc in the 1st quarter worth approximately $339,000. US Bancorp DE increased its position in shares of Manitowoc by 43.6% during the 1st quarter. US Bancorp DE now owns 3,775 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 1,146 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Manitowoc by 59.8% during the 1st quarter. MetLife Investment Management LLC now owns 15,934 shares of the industrial products company’s stock valued at $240,000 after purchasing an additional 5,963 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Manitowoc by 2.7% in the first quarter. BlackRock Inc. now owns 3,635,795 shares of the industrial products company’s stock worth $54,827,000 after buying an additional 95,428 shares during the last quarter. 78.66% of the stock is currently owned by institutional investors.

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.