JPMorgan Chase & Co. Trims Manitowoc (NYSE:MTW) Target Price to $12.50

Manitowoc (NYSE:MTW) had its price target lowered by analysts at JPMorgan Chase & Co. from $14.00 to $12.50 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 21.36% from the company’s current price.

MTW has been the topic of several other reports. Barclays dropped their price target on Manitowoc from $15.00 to $12.00 and set an “underweight” rating on the stock in a research report on Monday, April 22nd. UBS Group dropped their price target on Manitowoc from $18.00 to $14.50 and set a “neutral” rating on the stock in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, Manitowoc presently has an average rating of “Hold” and an average target price of $16.14.

Manitowoc Stock Up 2.3 %

Shares of MTW traded up $0.23 during midday trading on Wednesday, reaching $10.30. 62,299 shares of the stock were exchanged, compared to its average volume of 264,882. Manitowoc has a 12-month low of $10.01 and a 12-month high of $19.81. The firm has a 50 day simple moving average of $11.69 and a 200-day simple moving average of $13.56. The company has a quick ratio of 0.59, a current ratio of 1.77 and a debt-to-equity ratio of 0.63. The company has a market cap of $366.06 million, a price-to-earnings ratio of 13.77 and a beta of 1.91.

Manitowoc (NYSE:MTW) last issued its quarterly earnings data on Tuesday, May 7th. The industrial products company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.04). Manitowoc had a net margin of 1.23% and a return on equity of 7.33%. The company had revenue of $495.10 million during the quarter, compared to the consensus estimate of $496.93 million. During the same period in the previous year, the business posted $0.46 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis. Research analysts forecast that Manitowoc will post 1.25 EPS for the current year.

Institutional Trading of Manitowoc

Several institutional investors have recently modified their holdings of the company. CWM LLC boosted its stake in Manitowoc by 97.0% in the 2nd quarter. CWM LLC now owns 3,010 shares of the industrial products company’s stock valued at $35,000 after buying an additional 1,482 shares in the last quarter. AJOVista LLC acquired a new position in Manitowoc in the fourth quarter worth $69,000. Inlet Private Wealth LLC acquired a new position in Manitowoc in the first quarter worth $141,000. Allspring Global Investments Holdings LLC increased its holdings in Manitowoc by 183.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 7,441 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Manitowoc in the fourth quarter valued at about $253,000. Institutional investors and hedge funds own 78.66% of the company’s stock.

About Manitowoc

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.