Shares of Manitowoc Company Inc (NYSE:MTW) were down 5.5% during mid-day trading on Friday . The stock traded as low as $18.25 and last traded at $18.74. Approximately 523,648 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 557,442 shares. The stock had previously closed at $19.83.
Several analysts have issued reports on MTW shares. Zacks Investment Research upgraded shares of Manitowoc from a “hold” rating to a “strong-buy” rating and set a $31.00 price target on the stock in a research report on Tuesday, July 10th. Goldman Sachs Group lowered shares of Manitowoc from a “neutral” rating to a “sell” rating in a research report on Monday, July 16th. ValuEngine lowered shares of Manitowoc from a “hold” rating to a “sell” rating in a research report on Friday, August 3rd. Seaport Global Securities set a $31.00 price target on shares of Manitowoc and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Finally, Citigroup decreased their price target on shares of Manitowoc from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.92.
The firm has a market capitalization of $665.94 million, a P/E ratio of 38.24 and a beta of 1.62. The company has a current ratio of 1.65, a quick ratio of 0.73 and a debt-to-equity ratio of 0.40.
Large investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC bought a new position in shares of Manitowoc during the 2nd quarter worth about $269,000. Gamco Investors INC. ET AL bought a new position in shares of Manitowoc during the 3rd quarter worth about $256,000. Fox Run Management L.L.C. bought a new position in Manitowoc during the 2nd quarter valued at about $291,000. First Trust Advisors LP bought a new position in Manitowoc during the 2nd quarter valued at about $346,000. Finally, Stifel Financial Corp lifted its holdings in Manitowoc by 64.7% during the 1st quarter. Stifel Financial Corp now owns 13,383 shares of the industrial products company’s stock valued at $380,000 after purchasing an additional 5,258 shares during the last quarter. 79.82% of the stock is owned by institutional investors.
Manitowoc Company Profile (NYSE:MTW)
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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