The Manitowoc Company, Inc. (NYSE:MTW – Get Rating) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 596,300 shares, a drop of 9.4% from the August 15th total of 658,300 shares. Based on an average trading volume of 314,400 shares, the short-interest ratio is presently 1.9 days. Currently, 1.8% of the company’s shares are sold short.
Insider Activity at Manitowoc
In other news, CEO Aaron H. Ravenscroft purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were acquired at an average price of $9.92 per share, for a total transaction of $29,760.00. Following the completion of the acquisition, the chief executive officer now directly owns 214,951 shares in the company, valued at $2,132,313.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 10,119 shares of company stock worth $106,954 over the last 90 days. Insiders own 2.52% of the company’s stock.
Institutional Trading of Manitowoc
Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in Manitowoc by 0.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,896,829 shares of the industrial products company’s stock valued at $28,539,000 after purchasing an additional 12,753 shares during the period. HighTower Advisors LLC raised its holdings in Manitowoc by 103.2% in the 1st quarter. HighTower Advisors LLC now owns 380,778 shares of the industrial products company’s stock valued at $5,755,000 after acquiring an additional 193,374 shares in the last quarter. KBC Group NV raised its holdings in Manitowoc by 24.3% in the 1st quarter. KBC Group NV now owns 6,247 shares of the industrial products company’s stock valued at $94,000 after acquiring an additional 1,223 shares in the last quarter. Boulder Hill Capital Management LP acquired a new position in Manitowoc in the 1st quarter valued at $225,000. Finally, SummerHaven Investment Management LLC raised its holdings in Manitowoc by 4.5% in the 1st quarter. SummerHaven Investment Management LLC now owns 39,835 shares of the industrial products company’s stock valued at $601,000 after acquiring an additional 1,731 shares in the last quarter. 75.77% of the stock is currently owned by institutional investors.
Manitowoc Stock Down 1.0 %
Manitowoc (NYSE:MTW – Get Rating) last issued its earnings results on Thursday, August 4th. The industrial products company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). Manitowoc had a return on equity of 3.05% and a net margin of 0.77%. The business had revenue of $497.20 million for the quarter, compared to the consensus estimate of $553.68 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that Manitowoc will post 0.5 EPS for the current fiscal year.
Analyst Ratings Changes
MTW has been the topic of several analyst reports. JPMorgan Chase & Co. cut their target price on Manitowoc from $14.50 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 12th. Credit Suisse Group set a $12.00 target price on Manitowoc in a research note on Tuesday, July 19th. Wells Fargo & Company dropped their price target on Manitowoc from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Monday, August 8th. Citigroup raised their price target on Manitowoc to $12.00 in a research report on Monday, August 15th. Finally, UBS Group dropped their price target on Manitowoc from $19.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, July 21st. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.07.
The Manitowoc Company, Inc provides engineered lifting solutions 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.
- Get a free copy of the StockNews.com research report on Manitowoc (MTW)
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