TCW Group Inc. Acquires 160,601 Shares of The Manitowoc Company, Inc. (NYSE:MTW)

TCW Group Inc. raised its holdings in shares of The Manitowoc Company, Inc. (NYSE:MTW) by 65.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 406,186 shares of the industrial products company’s stock after purchasing an additional 160,601 shares during the period. TCW Group Inc. owned 1.14% of Manitowoc worth $4,683,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. New York State Common Retirement Fund raised its position in shares of Manitowoc by 18.1% in the 4th quarter. New York State Common Retirement Fund now owns 17,657 shares of the industrial products company’s stock worth $295,000 after acquiring an additional 2,702 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Manitowoc by 13.3% in the 4th quarter. Hsbc Holdings PLC now owns 60,223 shares of the industrial products company’s stock worth $1,014,000 after acquiring an additional 7,051 shares in the last quarter. Boston Partners raised its position in shares of Manitowoc by 22.9% in the 1st quarter. Boston Partners now owns 15,422 shares of the industrial products company’s stock worth $218,000 after acquiring an additional 2,874 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Manitowoc by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 773,565 shares of the industrial products company’s stock worth $12,911,000 after acquiring an additional 46,417 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Manitowoc by 44.4% in the 4th quarter. Federated Hermes Inc. now owns 386,958 shares of the industrial products company’s stock worth $6,458,000 after buying an additional 119,074 shares during the last quarter. Institutional investors own 78.66% of the company’s stock.

Manitowoc Stock Performance

Manitowoc stock traded up $0.04 during trading on Friday, reaching $9.78. The company had a trading volume of 171,098 shares, compared to its average volume of 275,090. The Manitowoc Company, Inc. has a 52 week low of $8.91 and a 52 week high of $17.65. The firm’s 50-day simple moving average is $11.07 and its 200 day simple moving average is $12.62. The firm has a market capitalization of $347.59 million, a price-to-earnings ratio of 13.04 and a beta of 1.91. The company has a current ratio of 1.77, a quick ratio of 0.59 and a debt-to-equity ratio of 0.63.

Manitowoc (NYSE:MTW) last announced its earnings results on Wednesday, August 7th. The industrial products company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.24). Manitowoc had a return on equity of 7.33% and a net margin of 1.23%. The company had revenue of $562.10 million during the quarter, compared to the consensus estimate of $598.00 million. During the same period in the prior year, the business posted $0.75 earnings per share. Manitowoc’s revenue for the quarter was down 6.8% compared to the same quarter last year. Sell-side analysts forecast that The Manitowoc Company, Inc. will post 1.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.