Cubist Systematic Strategies LLC Trims Position in The Manitowoc Company, Inc. (NYSE:MTW)

Cubist Systematic Strategies LLC reduced its holdings in The Manitowoc Company, Inc. (NYSE:MTW) by 57.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,926 shares of the industrial products company’s stock after selling 15,014 shares during the period. Cubist Systematic Strategies LLC’s holdings in Manitowoc were worth $126,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Victory Capital Management Inc. purchased a new stake in Manitowoc in the second quarter valued at $8,813,000. Front Street Capital Management Inc. lifted its holdings in shares of Manitowoc by 8.4% in the 2nd quarter. Front Street Capital Management Inc. now owns 2,806,642 shares of the industrial products company’s stock valued at $32,361,000 after buying an additional 217,389 shares during the period. Bank of Montreal Can purchased a new stake in shares of Manitowoc in the second quarter worth about $2,385,000. TCW Group Inc. grew its holdings in Manitowoc by 65.4% during the second quarter. TCW Group Inc. now owns 406,186 shares of the industrial products company’s stock worth $4,683,000 after acquiring an additional 160,601 shares during the period. Finally, AQR Capital Management LLC raised its position in Manitowoc by 31.1% during the second quarter. AQR Capital Management LLC now owns 590,647 shares of the industrial products company’s stock valued at $6,810,000 after acquiring an additional 140,042 shares in the last quarter. Institutional investors and hedge funds own 78.66% of the company’s stock.

Manitowoc Stock Performance

NYSE:MTW opened at $9.82 on Wednesday. The company has a fifty day moving average of $9.65 and a two-hundred day moving average of $11.23. The Manitowoc Company, Inc. has a fifty-two week low of $8.85 and a fifty-two week high of $17.65. The stock has a market capitalization of $349.01 million, a PE ratio of 13.09 and a beta of 1.84. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.58 and a current ratio of 1.89.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MTW shares. The Goldman Sachs Group dropped their price objective on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research note on Friday, August 9th. StockNews.com lowered shares of Manitowoc from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th. Barclays decreased their price objective on shares of Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their price target on Manitowoc from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.56.

Manitowoc 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.