Assenagon Asset Management S.A. Reduces Stake in The Manitowoc Company, Inc. (NYSE:MTW)

Assenagon Asset Management S.A. reduced its stake in The Manitowoc Company, Inc. (NYSE:MTW - Free Report) by 60.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 201,508 shares of the industrial products company's stock after selling 314,464 shares during the period. Assenagon Asset Management S.A. owned approximately 0.57% of Manitowoc worth $1,939,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. nVerses Capital LLC bought a new position in Manitowoc in the 3rd quarter valued at approximately $51,000. Strong Tower Advisory Services raised its stake in shares of Manitowoc by 33.6% in the third quarter. Strong Tower Advisory Services now owns 20,084 shares of the industrial products company's stock worth $193,000 after purchasing an additional 5,053 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Manitowoc during the third quarter valued at $129,000. Point72 Asset Management L.P. boosted its position in shares of Manitowoc by 63.0% during the second quarter. Point72 Asset Management L.P. now owns 4,728 shares of the industrial products company's stock valued at $55,000 after buying an additional 1,828 shares during the last quarter. Finally, William B. Walkup & Associates Inc. bought a new stake in Manitowoc in the 2nd quarter worth about $66,000. 78.66% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Price Performance

Shares of Manitowoc stock traded down $0.44 during trading hours on Friday, hitting $8.90. The company's stock had a trading volume of 492,228 shares, compared to its average volume of 270,273. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.58 and a current ratio of 1.89. The Manitowoc Company, Inc. has a 12-month low of $8.50 and a 12-month high of $17.65. The business has a 50 day moving average price of $9.68 and a two-hundred day moving average price of $10.94. The company has a market cap of $312.57 million, a PE ratio of -34.59 and a beta of 1.84.

Manitowoc (NYSE:MTW - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.18). The company had revenue of $524.80 million for the quarter, compared to the consensus estimate of $516.49 million. Manitowoc had a negative net margin of 0.40% and a positive return on equity of 2.41%. The company's quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 EPS. Analysts expect that The Manitowoc Company, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Manitowoc from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday. StockNews.com downgraded shares of Manitowoc from a "hold" rating to a "sell" rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. increased their price target on shares of Manitowoc from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. Barclays cut their price objective on shares of Manitowoc from $12.00 to $9.00 and set an "underweight" rating for the company in a research report on Friday, August 9th. Finally, The Goldman Sachs Group lowered their target price on Manitowoc from $13.00 to $11.30 and set a "sell" rating on the stock in a research report on Friday, August 9th. Three research analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $12.47.

Manitowoc Profile

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.