Citigroup lowers Manitowoc (NYSE:MTW) price target to $11.50

Manitowoc (NYSE:MTW – Get a Rating) saw its target price reduced by Citigroup research analysts from $12.50 to $11.50 in a research note released Thursday, reports The Fly. Citigroup’s price target would suggest a potential upside of 7.38% from the current share price.

Several other stock analysts have also recently weighed in on the stock. assumed coverage of Manitowoc shares in a Thursday, March 31 report. They issued a “hold” rating on the stock. Wells Fargo & Company began covering Manitowoc shares in a research note on Friday, March 11. They issued an “underweight” rating and a price target of $17.00 on the stock. Robert W. Baird cut his price target on Manitowoc stock from $16.00 to $15.00 in a Wednesday, May 4 report. Goldman Sachs Group lowered its price target on Manitowoc shares from $20.00 to $17.50 and set a “neutral” rating on the stock in a Thursday, April 14 report. Finally, JPMorgan Chase & Co. cut its price target on Manitowoc from $23.00 to $18.00 and set a “neutral” rating for the company in a Monday, March 28 research note. One research analyst rated the stock with a sell rating and six issued the company a hold rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.83.

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Shares of NYSE MTW traded at $0.42 during Thursday’s midday session, hitting $10.71. The stock recorded trading volume of 4,483 shares, compared to an average trading volume of 194,544 shares. The company has a market capitalization of $378.28 million, a PE ratio of 22.31 and a beta of 2.11. The company has a debt ratio of 0.57, a quick ratio of 0.61 and a current ratio of 1.74. The company has a 50-day moving average of $11.94 and a two-hundred-day moving average of $15.01. Manitowoc has a 12-month low of $9.97 and a 12-month high of $27.37.

Manitowoc (NYSE:MTW – Get Rating) last released its quarterly results on Tuesday, May 3. The industrial products company reported earnings per share of $0.03 for the quarter, missing the consensus estimate of $0.06 per ($0.03). Manitowoc posted a net margin of 0.94% and a return on equity of 5.14%. The company posted revenue of $459.00 million for the quarter, compared to $440.08 million expected by analysts. During the same quarter of the previous year, the company posted EPS ($0.06). The company’s revenue for the quarter increased by 29.6% compared to the same quarter last year. Equity research analysts expect Manitowoc to post EPS of 0.87 for the current fiscal year.

In other Manitowoc news, Director Kenneth W. Krueger purchased 34,500 shares of the company in a trade dated Friday, June 10. The shares were purchased at an average cost of $12.49 per share, for a total transaction of $430,905.00. Following the transaction, the administrator now directly owns 123,472 shares of the company, valued at $1,542,165.28. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 2.52% of the shares are currently held by insiders of the company.

Several large investors have recently changed their positions in MTW. Keybank National Association OH increased its stake in Manitowoc by 33.1% in the fourth quarter. Keybank National Association OH now owns 19,300 shares of the industrial products company valued at $359,000 after buying an additional 4,800 shares last quarter. Moors & Cabot Inc. acquired a new equity stake in Manitowoc in the third quarter worth approximately $99,000. Strs Ohio increased its position in Manitowoc shares by 12.8% during the fourth quarter. Strs Ohio now owns 44,100 shares of the industrial products company worth $819,000 after buying an additional 5,000 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Manitowoc shares by 4.5% during the first quarter. SummerHaven Investment Management LLC now owns 39,835 shares of the industrial products company worth $601,000 after purchasing an additional 1,731 shares last quarter. Finally, Fisher Asset Management LLC increased its stake in Manitowoc by 42.0% in the 4th quarter. Fisher Asset Management LLC now owns 99,242 shares of the industrial products company valued at $1,845,000 after purchasing an additional 29,372 shares in the last quarter. Hedge funds and other institutional investors hold 76.36% of the company’s shares.

About Manitowoc (Get a rating)

The Manitowoc Company, Inc. provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East and Asia-Pacific. It designs, manufactures and distributes crawler-mounted lattice boom cranes under the Manitowoc brand; a range of top-slewing, 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.

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