Point72 Asia Singapore Pte. Ltd. Buys New Shares in The Manitowoc Company, Inc. (NYSE:MTW)

Point72 Asia Singapore Pte. Ltd. bought a new stake in The Manitowoc Company, Inc. (NYSE:MTW) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,864 shares of the industrial products company’s stock, valued at approximately $35,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Millennium Management LLC acquired a new stake in Manitowoc in the fourth quarter valued at $721,000. Jacobs Levy Equity Management Inc. raised its stake in Manitowoc by 3.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 471,915 shares of the industrial products company’s stock valued at $4,309,000 after buying an additional 17,747 shares in the last quarter. Deutsche Bank AG increased its position in shares of Manitowoc by 63.1% during the fourth quarter. Deutsche Bank AG now owns 37,911 shares of the industrial products company’s stock worth $346,000 after purchasing an additional 14,669 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Manitowoc by 35.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 550,416 shares of the industrial products company’s stock worth $5,025,000 after purchasing an additional 144,390 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Manitowoc during the fourth quarter worth about $637,000. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MTW. UBS Group lifted their target price on Manitowoc from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird cut their target price on Manitowoc from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, Manitowoc has an average rating of “Hold” and a consensus price target of $10.86.

Manitowoc Price Performance

Shares of MTW opened at $11.58 on Tuesday. The Manitowoc Company, Inc. has a twelve month low of $7.06 and a twelve month high of $13.46. The stock’s 50 day moving average is $8.80 and its two-hundred day moving average is $9.51. The firm has a market capitalization of $410.43 million, a PE ratio of 7.47 and a beta of 1.92. The company has a current ratio of 1.97, a quick ratio of 0.60 and a debt-to-equity ratio of 0.70.

Manitowoc (NYSE:MTW) last announced its quarterly earnings data on Tuesday, May 6th. The industrial products company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). Manitowoc had a net margin of 2.56% and a return on equity of 2.46%. The business had revenue of $470.90 million during the quarter, compared to analysts’ expectations of $479.39 million. During the same period in the prior year, the firm posted $0.14 EPS. Manitowoc’s revenue for the quarter was down 4.9% compared to the same quarter last year. Research analysts anticipate that The Manitowoc Company, Inc. will post 0.5 earnings per share for the current year.

Insider Buying and Selling at Manitowoc

In other news, CEO Aaron H. Ravenscroft purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $8.68 per share, with a total value of $26,040.00. Following the purchase, the chief executive officer now directly owns 690,142 shares of the company’s stock, valued at $5,990,432.56. The trade was a 0.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 2.52% of the stock is owned by corporate insiders.

About Manitowoc

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, the Asia Pacific, and internationally. 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.