Federated Hermes Inc. Reduces Stock Position in The Manitowoc Company, Inc. (NYSE:MTW)

Federated Hermes Inc. cut its stake in The Manitowoc Company, Inc. (NYSE:MTW) by 35.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 250,842 shares of the industrial products company’s stock after selling 140,336 shares during the quarter. Federated Hermes Inc.’s holdings in Manitowoc were worth $2,892,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTW. Isthmus Partners LLC boosted its stake in Manitowoc by 1.8% in the 2nd quarter. Isthmus Partners LLC now owns 214,984 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 3,767 shares during the period. Innealta Capital LLC bought a new position in shares of Manitowoc in the second quarter valued at approximately $26,000. CWM LLC grew its stake in Manitowoc by 97.0% during the second quarter. CWM LLC now owns 3,010 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 1,482 shares in the last quarter. Inlet Private Wealth LLC bought a new stake in Manitowoc during the 1st quarter worth approximately $141,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Manitowoc by 183.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,505 shares of the industrial products company’s stock worth $163,000 after purchasing an additional 7,441 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MTW. UBS Group decreased their price target on shares of Manitowoc from $18.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, June 12th. StockNews.com lowered Manitowoc from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Barclays dropped their price target on Manitowoc from $12.00 to $9.00 and set an “underweight” rating for the company in a research report on Friday, August 9th. The Goldman Sachs Group decreased their price objective on shares of Manitowoc from $13.00 to $11.30 and set a “sell” rating on the stock in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Manitowoc from $14.00 to $12.50 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Manitowoc presently has a consensus rating of “Hold” and an average target price of $13.22.

Manitowoc Stock Performance

Shares of NYSE MTW opened at $9.99 on Friday. The stock’s 50-day moving average is $10.53 and its 200 day moving average is $11.76. The stock has a market cap of $355.05 million, a price-to-earnings ratio of 13.37 and a beta of 1.85. The Manitowoc Company, Inc. has a 1-year low of $8.85 and a 1-year high of $17.65. The company has a current ratio of 1.89, a quick ratio of 0.58 and a debt-to-equity ratio of 0.69.

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

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.