State Street Corp Buys 64,101 Shares of The Manitowoc Company, Inc. (NYSE:MTW)

State Street Corp increased its stake in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 8.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 852,093 shares of the industrial products company’s stock after acquiring an additional 64,101 shares during the quarter. State Street Corp owned approximately 2.43% of Manitowoc worth $8,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in MTW. Victory Capital Management Inc. bought a new stake in Manitowoc in the 2nd quarter worth $8,813,000. Front Street Capital Management Inc. increased its stake in shares of Manitowoc by 8.4% during the second quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock valued at $32,361,000 after purchasing an additional 217,389 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Manitowoc in the second quarter worth $2,385,000. AQR Capital Management LLC increased its stake in Manitowoc by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after purchasing an additional 140,042 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Manitowoc by 33.6% in the 2nd quarter. American Century Companies Inc. now owns 262,603 shares of the industrial products company’s stock valued at $3,028,000 after acquiring an additional 66,013 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.

Manitowoc Trading Down 2.0 %

MTW opened at $8.77 on Friday. The Manitowoc Company, Inc. has a 12 month low of $8.50 and a 12 month high of $17.65. The firm has a market cap of $308.06 million, a P/E ratio of -32.48 and a beta of 1.83. The company has a current ratio of 1.97, a quick ratio of 0.60 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average of $9.96 and a 200 day moving average of $10.24.

Manitowoc (NYSE:MTW) last released its earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.14). The business had revenue of $524.80 million for the quarter, compared to the consensus estimate of $516.49 million. Manitowoc had a positive return on equity of 2.40% and a negative net margin of 0.40%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 earnings per share. As a group, research analysts forecast that The Manitowoc Company, Inc. will post 0.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on MTW. Robert W. Baird reduced their target price on Manitowoc from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, November 1st. JPMorgan Chase & Co. lifted their price objective on Manitowoc from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, StockNews.com upgraded shares of Manitowoc from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.47.

Manitowoc Company Profile

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.