Manitowoc (NYSE:MTW) posted its earnings results on Thursday. The industrial products company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.10, RTT News reports. Manitowoc had a negative net margin of 3.63% and a positive return on equity of 3.55%. The firm had revenue of $418.00 million for the quarter, compared to the consensus estimate of $399.28 million. During the same period in the previous year, the firm posted ($0.12) EPS. The business’s quarterly revenue was up 8.3% on a year-over-year basis. Manitowoc updated its FY 2019 guidance to EPS.
NYSE:MTW traded down $1.05 during mid-day trading on Friday, hitting $16.41. 17,490 shares of the stock traded hands, compared to its average volume of 473,534. The company has a market capitalization of $634.91 million, a price-to-earnings ratio of 25.42 and a beta of 1.89. Manitowoc has a 52 week low of $13.22 and a 52 week high of $28.54. The company has a current ratio of 1.70, a quick ratio of 0.78 and a debt-to-equity ratio of 0.44.
Separately, ValuEngine upgraded shares of Manitowoc from a “strong sell” rating to a “sell” rating in a report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.63.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Manitowoc by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,155,597 shares of the industrial products company’s stock worth $75,703,000 after acquiring an additional 42,801 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Manitowoc by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 3,155,597 shares of the industrial products company’s stock worth $75,703,000 after purchasing an additional 42,801 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Manitowoc by 11.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,891,463 shares of the industrial products company’s stock worth $42,707,000 after purchasing an additional 304,977 shares during the period. BlackRock Inc. lifted its position in shares of Manitowoc by 0.7% in the 1st quarter. BlackRock Inc. now owns 2,461,023 shares of the industrial products company’s stock worth $40,385,000 after purchasing an additional 17,572 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Manitowoc by 1.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,698,612 shares of the industrial products company’s stock worth $25,089,000 after purchasing an additional 31,438 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.
The Manitowoc Company, Inc provides engineered lifting equipment for the construction industry 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 telescopic cranes under the Grove brand; and a line of hydraulically powered telescopic boom trucks under the National Crane brand.
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