Brokerages expect Manitowoc Company Inc (NYSE:MTW) to post sales of $459.97 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Manitowoc’s earnings. The highest sales estimate is $489.30 million and the lowest is $435.70 million. Manitowoc posted sales of $394.60 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 16.6%. The business is scheduled to issue its next quarterly earnings report on Monday, August 6th.
According to Zacks, analysts expect that Manitowoc will report full-year sales of $1.81 billion for the current financial year, with estimates ranging from $1.77 billion to $1.86 billion. For the next financial year, analysts expect that the company will report sales of $1.96 billion per share, with estimates ranging from $1.84 billion to $2.13 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Manitowoc.
Manitowoc (NYSE:MTW) last announced its earnings results on Monday, May 7th. The industrial products company reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.09. Manitowoc had a return on equity of 1.64% and a net margin of 2.13%. The company had revenue of $386.10 million for the quarter, compared to analyst estimates of $374.59 million. During the same period in the prior year, the company posted ($0.68) EPS. Manitowoc’s quarterly revenue was up 26.3% on a year-over-year basis.
MTW has been the subject of a number of analyst reports. Seaport Global Securities reiterated a “buy” rating on shares of Manitowoc in a research report on Wednesday, April 18th. Barclays reaffirmed a “buy” rating and set a $35.00 target price on shares of Manitowoc in a report on Thursday, April 19th. Zacks Investment Research downgraded Manitowoc from a “hold” rating to a “strong sell” rating in a report on Monday, April 16th. Deutsche Bank dropped their price target on Manitowoc from $36.00 to $32.00 and set a “hold” rating on the stock in a research report on Monday, March 19th. Finally, Robert W. Baird lowered Manitowoc from an “outperform” rating to a “neutral” rating and upped their price target for the company from $27.95 to $33.00 in a research report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.31.
Shares of Manitowoc traded up $0.18, reaching $25.73, during trading on Friday, according to MarketBeat. The stock had a trading volume of 910,915 shares, compared to its average volume of 646,847. The company has a market capitalization of $917.46 million, a price-to-earnings ratio of -99.31 and a beta of 1.54. The company has a current ratio of 1.69, a quick ratio of 0.72 and a debt-to-equity ratio of 0.39. Manitowoc has a one year low of $22.12 and a one year high of $44.03.
In other Manitowoc news, CEO Barry Pennypacker purchased 19,600 shares of the stock in a transaction on Thursday, June 14th. The shares were purchased at an average price of $25.19 per share, with a total value of $493,724.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in shares of Manitowoc by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,352,095 shares of the industrial products company’s stock worth $66,941,000 after buying an additional 69,331 shares in the last quarter. BlackRock Inc. increased its holdings in Manitowoc by 8.3% in the first quarter. BlackRock Inc. now owns 2,261,713 shares of the industrial products company’s stock valued at $64,368,000 after purchasing an additional 173,983 shares during the period. Victory Capital Management Inc. acquired a new stake in Manitowoc in the first quarter valued at $22,619,000. Hennessy Advisors Inc. increased its holdings in Manitowoc by 3.9% in the first quarter. Hennessy Advisors Inc. now owns 782,400 shares of the industrial products company’s stock valued at $22,267,000 after purchasing an additional 29,200 shares during the period. Finally, Millennium Management LLC increased its holdings in Manitowoc by 47.0% in the first quarter. Millennium Management LLC now owns 480,170 shares of the industrial products company’s stock valued at $13,666,000 after purchasing an additional 153,512 shares during the period. Institutional investors and hedge funds own 81.63% of the company’s stock.
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 the National Crane brand.
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