Zacks Research Research Analysts Boost Earnings Estimates for The Manitowoc Company, Inc. (NYSE:MTW)

May 27, 2023

The Manitowoc Company, Inc. (NYSE:MTW - Free Report) - Equities research analysts at Zacks Research increased their Q3 2023 earnings estimates for Manitowoc in a research note issued on Thursday, August 24th. Zacks Research analyst M. Das now forecasts that the industrial products company will post earnings per share of ($0.03) for the quarter, up from their previous estimate of ($0.04). The consensus estimate for Manitowoc's current full-year earnings is $1.48 per share. Zacks Research also issued estimates for Manitowoc's Q4 2023 earnings at $0.27 EPS.

Manitowoc (NYSE:MTW - Get Free Report) last posted its quarterly earnings results on Monday, August 7th. The industrial products company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.25 by $0.50. Manitowoc had a negative net margin of 4.80% and a positive return on equity of 12.60%. The firm had revenue of $602.80 million for the quarter, compared to the consensus estimate of $525.00 million. During the same period last year, the firm posted $0.21 earnings per share. The business's revenue was up 21.2% compared to the same quarter last year.

Several other research firms have also recently weighed in on MTW. Credit Suisse Group lifted their price target on shares of Manitowoc from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, August 9th. Robert W. Baird boosted their target price on shares of Manitowoc from $17.00 to $22.00 in a report on Tuesday, August 8th. Wells Fargo & Company upgraded shares of Manitowoc from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $14.00 to $17.00 in a report on Monday, May 1st. StockNews.com initiated coverage on shares of Manitowoc in a report on Thursday, August 17th. They set a "hold" rating on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Manitowoc from $20.00 to $18.50 and set a "neutral" rating on the stock in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, Manitowoc has an average rating of "Hold" and a consensus target price of $17.56.

Get Our Latest Report on MTW

NYSE:MTW opened at $15.47 on Monday. The firm's fifty day simple moving average is $17.73 and its 200 day simple moving average is $16.73. Manitowoc has a twelve month low of $7.53 and a twelve month high of $20.20. The company has a current ratio of 1.83, a quick ratio of 0.58 and a debt-to-equity ratio of 0.66.

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its holdings in shares of Manitowoc by 104.8% in the third quarter. Tower Research Capital LLC TRC now owns 3,285 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 1,681 shares in the last quarter. National Bank of Canada FI purchased a new position in shares of Manitowoc in the first quarter valued at $60,000. Castleview Partners LLC bought a new stake in Manitowoc in the first quarter worth $61,000. US Bancorp DE lifted its position in Manitowoc by 43.6% in the first quarter. US Bancorp DE now owns 3,775 shares of the industrial products company's stock worth $57,000 after buying an additional 1,146 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Manitowoc in the second quarter worth $81,000. 78.68% of the stock is owned by hedge funds and other institutional investors.

The Manitowoc Company, Inc provides engineered lifting solutions 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 hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.

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