Russell Investments Group Ltd. increased its holdings in shares of Manitowoc Company Inc (NYSE:MTW) by 31.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 359,964 shares of the industrial products company’s stock after purchasing an additional 85,685 shares during the period. Russell Investments Group Ltd. owned 1.01% of Manitowoc worth $9,306,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the stock. Royal Bank of Canada boosted its position in Manitowoc by 7.7% during the 1st quarter. Royal Bank of Canada now owns 33,024 shares of the industrial products company’s stock worth $940,000 after purchasing an additional 2,367 shares during the period. LPL Financial LLC boosted its position in Manitowoc by 19.4% during the 1st quarter. LPL Financial LLC now owns 16,892 shares of the industrial products company’s stock worth $481,000 after purchasing an additional 2,739 shares during the period. Rhumbline Advisers lifted its holdings in Manitowoc by 8.9% in the 2nd quarter. Rhumbline Advisers now owns 39,808 shares of the industrial products company’s stock worth $1,029,000 after buying an additional 3,255 shares in the last quarter. TCW Group Inc. lifted its holdings in Manitowoc by 1.9% in the 2nd quarter. TCW Group Inc. now owns 183,519 shares of the industrial products company’s stock worth $4,746,000 after buying an additional 3,507 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Manitowoc by 64.7% in the 1st quarter. Stifel Financial Corp now owns 13,383 shares of the industrial products company’s stock worth $380,000 after buying an additional 5,258 shares in the last quarter. 82.02% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have commented on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $33.00 price objective on shares of Manitowoc in a report on Sunday, August 12th. Macquarie boosted their price objective on shares of Manitowoc from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, August 8th. Citigroup cut their price objective on shares of Manitowoc from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, August 8th. Seaport Global Securities set a $31.00 price objective on shares of Manitowoc and gave the stock a “buy” rating in a report on Wednesday, August 8th. Finally, ValuEngine lowered shares of Manitowoc from a “hold” rating to a “sell” rating in a report on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $31.85.
Shares of Manitowoc stock opened at $22.64 on Friday. The stock has a market capitalization of $828.71 million, a PE ratio of -86.81 and a beta of 1.33. The company has a current ratio of 1.65, a quick ratio of 0.73 and a debt-to-equity ratio of 0.40. Manitowoc Company Inc has a 1 year low of $21.18 and a 1 year high of $44.03.
Manitowoc (NYSE:MTW) last issued its earnings results on Monday, August 6th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.17. The business had revenue of $495.30 million for the quarter, compared to analyst estimates of $458.03 million. Manitowoc had a net margin of 2.53% and a return on equity of 2.77%. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 EPS. sell-side analysts forecast that Manitowoc Company Inc will post 0.53 earnings per share for the current year.
In related news, CEO Barry Pennypacker bought 19,600 shares of the business’s stock in a transaction dated Thursday, June 14th. The shares were acquired at an average price of $25.19 per share, for a total transaction of $493,724.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.82% of the company’s stock.
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 under the National Crane brand.
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