Bank of New York Mellon Corp Purchases 9,753 Shares of The Manitowoc Company, Inc. (NYSE:MTW)

Bank of New York Mellon Corp lifted its position in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 5.9% during the second quarter, Holdings Channel reports. The institutional investor owned 173,983 shares of the industrial products company’s stock after purchasing an additional 9,753 shares during the period. Bank of New York Mellon Corp’s holdings in Manitowoc were worth $2,006,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Manitowoc by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 773,565 shares of the industrial products company’s stock worth $12,911,000 after acquiring an additional 46,417 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Manitowoc during the fourth quarter valued at about $253,000. Quest Partners LLC bought a new stake in shares of Manitowoc in the fourth quarter worth about $775,000. TCW Group Inc. lifted its position in shares of Manitowoc by 1.9% in the fourth quarter. TCW Group Inc. now owns 81,415 shares of the industrial products company’s stock worth $1,359,000 after buying an additional 1,537 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of Manitowoc by 13.3% in the fourth quarter. Hsbc Holdings PLC now owns 60,223 shares of the industrial products company’s stock worth $1,014,000 after buying an additional 7,051 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.

Manitowoc Price Performance

Shares of MTW opened at $10.05 on Wednesday. The company has a 50 day moving average of $10.54 and a two-hundred day moving average of $11.80. The company has a market cap of $357.01 million, a price-to-earnings ratio of 13.39 and a beta of 1.85. The company has a quick ratio of 0.58, a current ratio of 1.89 and a debt-to-equity ratio of 0.69. The Manitowoc Company, Inc. has a twelve month low of $8.85 and a twelve month high of $17.65.

Manitowoc (NYSE:MTW) last released its earnings results on Wednesday, August 7th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.24). Manitowoc had a return on equity of 4.28% and a net margin of 0.40%. The company had revenue of $562.10 million during the quarter, compared to analyst estimates of $598.00 million. During the same quarter last year, the business earned $0.75 earnings per share. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, analysts predict that The Manitowoc Company, Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays reduced their price objective on Manitowoc from $12.00 to $9.00 and set an “underweight” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. reduced their price target on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. StockNews.com lowered shares of Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group reduced their target price on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a report on Friday, August 9th. Finally, UBS Group lowered their price target on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating for the company in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.22.

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.