Charles Schwab Investment Management Inc. Cuts Stock Position in The Manitowoc Company, Inc. (NYSE:MTW)

Charles Schwab Investment Management Inc. lowered its stake in The Manitowoc Company, Inc. (NYSE:MTW) by 17.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 511,909 shares of the industrial products company’s stock after selling 110,413 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Manitowoc were worth $4,925,000 as of its most recent filing with the Securities & Exchange Commission.

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

Manitowoc Trading Up 0.4 %

Shares of Manitowoc stock opened at $9.91 on Friday. The firm has a market cap of $348.14 million, a price-to-earnings ratio of -36.70 and a beta of 1.83. The business has a 50-day moving average price of $10.12 and a 200-day moving average price of $10.46. The company has a quick ratio of 0.60, a current ratio of 1.97 and a debt-to-equity ratio of 0.70. The Manitowoc Company, Inc. has a twelve month low of $8.50 and a twelve month high of $17.65.

Manitowoc (NYSE:MTW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.14). Manitowoc had a negative net margin of 0.40% and a positive return on equity of 2.40%. The business had revenue of $524.80 million during the quarter, compared to the consensus estimate of $516.49 million. During the same period in the previous year, the business posted $0.22 EPS. The firm’s revenue was up .7% on a year-over-year basis. Equities research analysts anticipate that The Manitowoc Company, Inc. will post 0.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on MTW. JPMorgan Chase & Co. upped their price objective on Manitowoc from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. StockNews.com upgraded Manitowoc from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Robert W. Baird cut their price target on Manitowoc from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.47.

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.