Manitowoc (NYSE:MTW) Upgraded by Goldman Sachs Group to “Buy”

Manitowoc (NYSE:MTW) was upgraded by Goldman Sachs Group from a “sell” rating to a “buy” rating in a note issued to investors on Friday, November 8th, Marketbeat.com reports. The firm presently has a $18.00 price objective on the industrial products company’s stock, up from their previous price objective of $12.00. Goldman Sachs Group’s price target would suggest a potential upside of 15.68% from the company’s previous close.

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Other analysts also recently issued reports about the stock. OTR Global downgraded shares of Manitowoc from a “mixed” rating to a “negative” rating in a research report on Tuesday, September 10th. Dougherty & Co started coverage on shares of Manitowoc in a research report on Wednesday, August 28th. They issued a “neutral” rating on the stock. Zacks Investment Research downgraded shares of Manitowoc from a “buy” rating to a “hold” rating and set a $17.00 price objective on the stock. in a research report on Tuesday, August 13th. Barclays restated a “buy” rating and set a $15.00 price target on shares of Manitowoc in a research report on Wednesday, October 16th. Finally, Robert W. Baird downgraded shares of Manitowoc from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $19.00 in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $16.83.

MTW stock traded down $0.01 during mid-day trading on Friday, hitting $15.56. 269,954 shares of the company were exchanged, compared to its average volume of 494,448. The company has a market capitalization of $550.39 million, a PE ratio of 24.31, a price-to-earnings-growth ratio of 0.84 and a beta of 2.16. The company has a current ratio of 1.91, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Manitowoc has a twelve month low of $10.49 and a twelve month high of $20.09. The firm has a fifty day simple moving average of $12.74 and a 200 day simple moving average of $14.91.

Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.20. Manitowoc had a negative net margin of 2.17% and a positive return on equity of 10.11%. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $455.27 million. During the same period in the previous year, the business posted $0.20 EPS. The company’s quarterly revenue was down .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Manitowoc will post 1.86 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Manitowoc in the 3rd quarter worth approximately $29,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Manitowoc by 20.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,695 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 800 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Manitowoc by 513.2% in the third quarter. Tower Research Capital LLC TRC now owns 5,010 shares of the industrial products company’s stock worth $63,000 after acquiring an additional 4,193 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Manitowoc by 264.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 9,593 shares of the industrial products company’s stock worth $170,000 after acquiring an additional 6,961 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in shares of Manitowoc by 104.3% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,905 shares of the industrial products company’s stock worth $177,000 after acquiring an additional 5,056 shares in the last quarter. 78.67% of the stock is currently owned by institutional investors.

About Manitowoc

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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