Manitowoc (NYSE:MTW) Price Target Lowered to $12.00 at Robert W. Baird

Manitowoc (NYSE:MTW - Free Report) had its target price lowered by Robert W. Baird from $13.00 to $12.00 in a research report report published on Friday morning, Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company's stock.

Several other research firms also recently commented on MTW. StockNews.com downgraded shares of Manitowoc from a "hold" rating to a "sell" rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Manitowoc from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Barclays cut their price target on shares of Manitowoc from $12.00 to $9.00 and set an "underweight" rating on the stock in a report on Friday, August 9th. Finally, The Goldman Sachs Group dropped their target price on shares of Manitowoc from $13.00 to $11.30 and set a "sell" rating on the stock in a report on Friday, August 9th. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $12.47.

Manitowoc Stock Performance

NYSE:MTW traded down $0.44 on Friday, reaching $8.90. 488,999 shares of the company's stock were exchanged, compared to its average volume of 270,273. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.89 and a quick ratio of 0.58. The firm has a market cap of $312.57 million, a price-to-earnings ratio of -32.96 and a beta of 1.84. Manitowoc has a 52 week low of $8.50 and a 52 week high of $17.65. The stock has a fifty day simple moving average of $9.66 and a 200-day simple moving average of $10.91.

Manitowoc (NYSE:MTW - Get Free Report) last issued its earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.18). The business had revenue of $524.80 million for the quarter, compared to the consensus estimate of $516.49 million. Manitowoc had a positive return on equity of 2.41% and a negative net margin of 0.40%. Manitowoc's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS. As a group, sell-side analysts predict that Manitowoc will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On Manitowoc

Hedge funds have recently bought and sold shares of the business. Innealta Capital LLC purchased a new position in Manitowoc in the 2nd quarter worth about $26,000. US Bancorp DE raised its position in shares of Manitowoc by 88.1% during the third quarter. US Bancorp DE now owns 2,834 shares of the industrial products company's stock valued at $27,000 after buying an additional 1,327 shares during the last quarter. CWM LLC lifted its stake in Manitowoc by 97.0% in the 2nd quarter. CWM LLC now owns 3,010 shares of the industrial products company's stock worth $35,000 after purchasing an additional 1,482 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Manitowoc by 63.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,728 shares of the industrial products company's stock worth $55,000 after purchasing an additional 1,828 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in Manitowoc in the 3rd quarter worth $51,000. Hedge funds and other institutional investors own 78.66% of the company's stock.

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.