Global X Management Co. LLC purchased a new stake in The Manitowoc Company (NYSE:MTW) in the 1st quarter, HoldingsChannel reports. The fund purchased 7,209 shares of the industrial products company’s stock, valued at approximately $205,000.
Other hedge funds have also added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new stake in The Manitowoc in the 4th quarter valued at $129,000. Jefferies Group LLC purchased a new stake in The Manitowoc in the 4th quarter valued at $225,000. Allianz Asset Management GmbH purchased a new stake in The Manitowoc in the 4th quarter valued at $227,000. AMP Capital Investors Ltd purchased a new stake in The Manitowoc in the 4th quarter valued at $252,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in The Manitowoc in the 4th quarter valued at $448,000. Hedge funds and other institutional investors own 81.48% of the company’s stock.
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In related news, CFO David J. Antoniuk purchased 7,000 shares of the stock in a transaction dated Tuesday, March 13th. The shares were acquired at an average cost of $30.33 per share, with a total value of $212,310.00. Following the purchase, the chief financial officer now directly owns 31,886 shares in the company, valued at approximately $967,102.38. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Thomas G. Musial sold 3,327 shares of the company’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $27.92, for a total transaction of $92,889.84. Following the transaction, the senior vice president now directly owns 50,965 shares in the company, valued at $1,422,942.80. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
The Manitowoc opened at $25.50 on Wednesday, MarketBeat.com reports. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.72 and a current ratio of 1.69. The Manitowoc Company has a fifty-two week low of $24.52 and a fifty-two week high of $25.61. The firm has a market cap of $884.07 million, a PE ratio of 85.83 and a beta of 1.58.
The Manitowoc (NYSE:MTW) last posted its quarterly earnings results on Monday, May 7th. The industrial products company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.09. The Manitowoc had a net margin of 2.13% and a return on equity of 1.64%. The business had revenue of $386.10 million for the quarter, compared to analysts’ expectations of $374.59 million. During the same period in the prior year, the company posted ($0.68) EPS. The business’s revenue for the quarter was up 26.3% on a year-over-year basis. equities research analysts expect that The Manitowoc Company will post 0.5 earnings per share for the current fiscal year.
MTW has been the topic of several recent research reports. Stifel Nicolaus dropped their price objective on shares of The Manitowoc from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, May 9th. ValuEngine cut shares of The Manitowoc from a “hold” rating to a “sell” rating in a research note on Wednesday, May 9th. Credit Suisse Group dropped their price objective on shares of The Manitowoc from $35.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 9th. Zacks Investment Research raised shares of The Manitowoc from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, SunTrust Banks boosted their price objective on shares of The Manitowoc to $26.00 and gave the company a “hold” rating in a research note on Wednesday, May 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $35.31.
About The Manitowoc
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 the National Crane brand.
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