Federated Hermes Inc. Cuts Stake in The Manitowoc Company, Inc. $MTW

Federated Hermes Inc. lessened its holdings in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 47.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 115,282 shares of the industrial products company’s stock after selling 105,555 shares during the quarter. Federated Hermes Inc. owned about 0.33% of Manitowoc worth $1,154,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new stake in Manitowoc during the 3rd quarter valued at approximately $982,000. Associated Banc Corp lifted its holdings in shares of Manitowoc by 13.6% in the third quarter. Associated Banc Corp now owns 20,302 shares of the industrial products company’s stock worth $203,000 after buying an additional 2,435 shares in the last quarter. State of Wyoming bought a new position in shares of Manitowoc during the second quarter worth $327,000. Tower Research Capital LLC TRC grew its stake in Manitowoc by 131.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 2,575 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Manitowoc in the 2nd quarter valued at $198,000. 78.66% of the stock is owned by hedge funds and other institutional investors.

Manitowoc Stock Down 0.7%

Shares of NYSE:MTW opened at $14.51 on Friday. The company has a market cap of $514.49 million, a price-to-earnings ratio of 9.12 and a beta of 1.88. The Manitowoc Company, Inc. has a 12 month low of $7.06 and a 12 month high of $14.65. The company has a current ratio of 2.14, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average price of $12.92 and a 200 day moving average price of $11.49.

Manitowoc (NYSE:MTW) last issued its quarterly earnings data on Wednesday, November 5th. The industrial products company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $553.40 million for the quarter, compared to analysts’ expectations of $550.00 million. Manitowoc had a net margin of 2.63% and a return on equity of 0.87%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, equities research analysts predict that The Manitowoc Company, Inc. will post 0.5 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Manitowoc in a research note on Monday, December 22nd. Wall Street Zen raised Manitowoc from a “buy” rating to a “strong-buy” rating in a report on Monday, December 22nd. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $10.00 price target (up from $9.00) on shares of Manitowoc in a research note on Friday, January 23rd. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Manitowoc has a consensus rating of “Reduce” and a consensus price target of $10.50.

About Manitowoc

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of heavy-lift cranes and lifting equipment. The company’s product portfolio includes tower cranes marketed under the Potain brand, mobile hydraulic cranes sold under the Grove, Manitowoc and National Crane names, and engineered lifting solutions such as mast climbers and platform hoists. Manitowoc serves a wide range of industries, including construction, infrastructure, energy and industrial markets.

Headquartered in Milwaukee, Wisconsin, Manitowoc operates manufacturing facilities, sales offices and rental centers across North America, Europe, Asia, Latin America and the Middle East.