The Manitowoc Company, Inc. (NYSE:MTW) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE increased its position in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 15.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,982 shares of the industrial products company’s stock after acquiring an additional 9,906 shares during the period. Bank of America Corp DE owned approximately 0.22% of Manitowoc worth $694,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MTW. JPMorgan Chase & Co. increased its stake in Manitowoc by 84.5% in the 4th quarter. JPMorgan Chase & Co. now owns 228,645 shares of the industrial products company’s stock worth $2,088,000 after purchasing an additional 104,709 shares in the last quarter. Jane Street Group LLC increased its stake in Manitowoc by 88.4% in the 4th quarter. Jane Street Group LLC now owns 153,792 shares of the industrial products company’s stock worth $1,404,000 after purchasing an additional 72,145 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Manitowoc by 207.9% in the 4th quarter. First Eagle Investment Management LLC now owns 589,154 shares of the industrial products company’s stock worth $5,379,000 after purchasing an additional 397,837 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Manitowoc in the 4th quarter worth about $414,000. Finally, Front Street Capital Management Inc. increased its stake in Manitowoc by 7.8% in the 4th quarter. Front Street Capital Management Inc. now owns 3,369,583 shares of the industrial products company’s stock worth $30,764,000 after purchasing an additional 243,077 shares in the last quarter. 78.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Aaron H. Ravenscroft bought 3,000 shares of Manitowoc stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average cost of $8.68 per share, for a total transaction of $26,040.00. Following the acquisition, the chief executive officer now owns 690,142 shares in the company, valued at $5,990,432.56. This trade represents a 0.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.52% of the stock is owned by corporate insiders.

Manitowoc Stock Up 2.7%

Shares of Manitowoc stock opened at $11.27 on Tuesday. The firm has a market cap of $399.48 million, a price-to-earnings ratio of 7.27 and a beta of 2.02. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.97 and a quick ratio of 0.60. The Manitowoc Company, Inc. has a 52-week low of $7.06 and a 52-week high of $13.46. The stock has a 50-day simple moving average of $9.23 and a 200-day simple moving average of $9.54.

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

Analysts Set New Price Targets

MTW has been the topic of a number of analyst reports. UBS Group lifted their price target on Manitowoc from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Robert W. Baird lowered their target price on Manitowoc from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note 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. According to data from MarketBeat.com, Manitowoc currently has a consensus rating of “Hold” and a consensus target price of $10.86.

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.