Manitowoc (NYSE:MTW) Reaches New 52-Week High – Here’s Why

The Manitowoc Company, Inc. (NYSE:MTW)’s stock price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $24.41 and last traded at $24.3290, with a volume of 76,865 shares. The stock had previously closed at $23.03.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MTW shares. Wells Fargo & Company boosted their price objective on Manitowoc from $10.00 to $12.00 and gave the company an “underweight” rating in a report on Thursday, August 13th. Wall Street Zen cut Manitowoc from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 25th. Weiss Ratings upgraded Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Finally, Barclays reissued an “underweight” rating and issued a $16.00 price target (up from $11.00) on shares of Manitowoc in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Sell” and an average target price of $14.00.

Manitowoc Stock Up 0.7%

The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11. The company has a market cap of $855.99 million, a price-to-earnings ratio of 43.16 and a beta of 1.78. The stock’s fifty day moving average is $21.71 and its two-hundred day moving average is $15.65.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.11. The business had revenue of $613.80 million during the quarter, compared to the consensus estimate of $577.00 million. Manitowoc had a return on equity of 3.86% and a net margin of 0.87%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. Sell-side analysts predict that The Manitowoc Company, Inc. will post 1.00 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MTW. Signaturefd LLC grew its stake in shares of Manitowoc by 583.2% in the 3rd quarter. Signaturefd LLC now owns 1,544 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 1,318 shares in the last quarter. State of Wyoming purchased a new stake in shares of Manitowoc in the first quarter valued at about $62,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Manitowoc in the second quarter valued at about $102,000. Squarepoint Ops LLC lifted its position in shares of Manitowoc by 4.1% during the second quarter. Squarepoint Ops LLC now owns 27,603 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 1,088 shares in the last quarter. Finally, Commonwealth Equity Services LLC bought a new position in shares of Manitowoc during the third quarter valued at about $635,000. Institutional investors own 78.66% of the company’s stock.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.