Short Interest in Manitowoc Company Inc (NYSE:MTW) Declines By 11.1%

Manitowoc Company Inc (NYSE:MTW) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 1,680,000 shares, a decline of 11.1% from the December 15th total of 1,890,000 shares. Based on an average trading volume of 352,100 shares, the short-interest ratio is currently 4.8 days. Approximately 4.8% of the shares of the stock are short sold.

A number of equities analysts have weighed in on the stock. ValuEngine raised shares of Manitowoc from a “strong sell” rating to a “sell” rating in a research note on Friday, January 10th. William Blair reaffirmed a “market perform” rating on shares of Manitowoc in a research report on Thursday, November 7th. Citigroup lowered shares of Manitowoc from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $16.00 to $10.00 in a research report on Tuesday, October 15th. Barclays reissued a “buy” rating and issued a $15.00 price objective on shares of Manitowoc in a research report on Wednesday, October 16th. Finally, Zacks Investment Research raised shares of Manitowoc from a “hold” rating to a “strong-buy” rating and set a $19.00 price objective on the stock in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $16.83.

Shares of MTW traded down $0.09 during trading hours on Thursday, hitting $16.64. The company had a trading volume of 9,669 shares, compared to its average volume of 210,599. The firm has a market cap of $591.48 million, a price-to-earnings ratio of 25.97, a PEG ratio of 1.05 and a beta of 2.28. The business has a fifty day moving average of $16.76 and a 200-day moving average of $15.07. Manitowoc has a 12 month low of $10.49 and a 12 month high of $19.77. The company has a quick ratio of 0.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.55.

Manitowoc (NYSE:MTW) last released its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.20. Manitowoc had a negative net margin of 2.17% and a positive return on equity of 10.11%. The business 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 company posted $0.20 earnings per share. Manitowoc’s revenue was down .4% compared to the same quarter last year. On average, equities analysts expect that Manitowoc will post 1.86 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in MTW. Golden State Wealth Management LLC acquired a new stake in shares of Manitowoc in the 3rd quarter valued at approximately $29,000. Tower Research Capital LLC TRC boosted its stake in shares of Manitowoc by 513.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,010 shares of the industrial products company’s stock valued at $63,000 after purchasing an additional 4,193 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Manitowoc by 104.3% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,905 shares of the industrial products company’s stock valued at $177,000 after purchasing an additional 5,056 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Manitowoc by 16.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,666 shares of the industrial products company’s stock valued at $205,000 after purchasing an additional 1,648 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of Manitowoc in the 2nd quarter valued at approximately $265,000. Institutional investors and hedge funds own 76.67% of the company’s stock.

Manitowoc Company Profile

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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