Manitowoc (NYSE:MTW) Downgraded to “Sector Perform” at Royal Bank of Canada

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Royal Bank of Canada downgraded shares of Manitowoc (NYSE:MTW) from an outperform rating to a sector perform rating in a research note issued to investors on Thursday, BenzingaRatingsTable reports. Royal Bank of Canada currently has $20.00 target price on the industrial products company’s stock, down from their prior target price of $25.00.

Separately, ValuEngine downgraded shares of Yext from a strong-buy rating to a buy rating in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $26.71.

MTW traded up $0.01 during trading on Thursday, reaching $17.77. The company’s stock had a trading volume of 21,154 shares, compared to its average volume of 320,918. Manitowoc has a 52-week low of $13.22 and a 52-week high of $28.11. The firm has a fifty day moving average of $16.76. The company has a market capitalization of $627.04 million, a P/E ratio of 27.50 and a beta of 2.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.76 and a quick ratio of 0.69.

Manitowoc (NYSE:MTW) last issued its earnings results on Thursday, May 9th. The industrial products company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.10. Manitowoc had a negative net margin of 4.46% and a positive return on equity of 4.78%. The company had revenue of $418.00 million during the quarter, compared to analyst estimates of $399.28 million. During the same quarter last year, the business posted ($0.12) EPS. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. As a group, research analysts anticipate that Manitowoc will post 1.39 EPS for the current year.

In other Manitowoc news, CFO David J. Antoniuk sold 6,014 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $13.96, for a total value of $83,955.44. Following the completion of the sale, the chief financial officer now owns 37,544 shares of the company’s stock, valued at $524,114.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

A number of large investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA boosted its holdings in Manitowoc by 297.7% during the first quarter. BNP Paribas Arbitrage SA now owns 8,177 shares of the industrial products company’s stock worth $134,000 after purchasing an additional 6,121 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Manitowoc by 12.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,725 shares of the industrial products company’s stock valued at $143,000 after acquiring an additional 1,000 shares in the last quarter. Thrivent Financial for Lutherans bought a new stake in shares of Manitowoc in the 4th quarter valued at $150,000. SG Americas Securities LLC bought a new stake in shares of Manitowoc in the 1st quarter valued at $153,000. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Manitowoc by 326.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,557 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 8,083 shares in the last quarter. 77.95% of the stock is owned by hedge funds and other institutional investors.

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 under the National Crane brand.

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Analyst Recommendations for Manitowoc (NYSE:MTW)

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