Manitowoc (NYSE:MTW) Issues Quarterly Earnings Results, Beats Estimates By $0.20 EPS

Manitowoc (NYSE:MTW) released its earnings results on Thursday. The industrial products company reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.20, RTT News reports. Manitowoc had a positive return on equity of 7.97% and a negative net margin of 2.52%. The firm had revenue of $448.00 million for the quarter, compared to the consensus estimate of $455.27 million. During the same period in the prior year, the business posted $0.20 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year.

Shares of Manitowoc stock traded up $2.29 during trading hours on Friday, reaching $16.21. The stock had a trading volume of 2,042,259 shares, compared to its average volume of 422,777. The firm has a 50 day simple moving average of $12.39 and a two-hundred day simple moving average of $14.99. The firm has a market capitalization of $501.58 million, a price-to-earnings ratio of 25.33, a P/E/G ratio of 0.84 and a beta of 2.16. The company has a current ratio of 1.78, a quick ratio of 0.70 and a debt-to-equity ratio of 0.56. Manitowoc has a 1 year low of $10.49 and a 1 year high of $20.09.

Several research firms recently weighed in on MTW. Citigroup downgraded Manitowoc from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $16.00 to $10.00 in a research report on Tuesday, October 15th. Dougherty & Co initiated coverage on Manitowoc in a research report on Wednesday, August 28th. They set a “neutral” rating on the stock. Royal Bank of Canada restated a “hold” rating and issued a $20.00 price objective on shares of Manitowoc in a report on Tuesday, August 13th. Barclays restated a “buy” rating and issued a $15.00 price objective on shares of Manitowoc in a report on Wednesday, October 16th. Finally, Goldman Sachs Group upgraded Manitowoc from a “sell” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $18.00 in a report on Friday. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $16.50.

About 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 under the National Crane brand.

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Earnings History for Manitowoc (NYSE:MTW)

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