The Manitowoc Company, Inc. (NYSE:MTW – Get Free Report) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,100,000 shares, a decrease of 17.9% from the November 15th total of 1,340,000 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average trading volume of 286,400 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

MTW has been the topic of several recent research reports. Citigroup reduced their price objective on Manitowoc from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, October 13th. StockNews.com initiated coverage on Manitowoc in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. dropped their target price on Manitowoc from $18.50 to $17.00 and set a “neutral” rating for the company in a research note on Monday, October 16th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.88.

View Our Latest Report on Manitowoc

Manitowoc Trading Down 0.9 %

NYSE:MTW traded down $0.15 on Friday, hitting $16.14. 490,334 shares of the stock were exchanged, compared to its average volume of 318,356. The stock has a market cap of $566.27 million, a PE ratio of -5.81 and a beta of 2.07. The company has a current ratio of 1.79, a quick ratio of 0.57 and a debt-to-equity ratio of 0.64. The stock has a fifty day moving average of $14.18 and a 200-day moving average of $15.90. Manitowoc has a fifty-two week low of $9.00 and a fifty-two week high of $20.20.

Manitowoc (NYSE:MTW – Get Free Report) last announced its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.23. The company had revenue of $520.90 million during the quarter, compared to analyst estimates of $477.18 million. Manitowoc had a positive return on equity of 13.75% and a negative net margin of 4.30%. The firm’s revenue was up 14.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 earnings per share. As a group, equities analysts expect that Manitowoc will post 1.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Manitowoc

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Manitowoc by 2.1% during the first quarter. BlackRock Inc. now owns 4,125,640 shares of the industrial products company’s stock worth $70,507,000 after acquiring an additional 84,143 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Manitowoc by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the industrial products company’s stock worth $41,008,000 after buying an additional 138,602 shares during the period. Front Street Capital Management Inc. boosted its position in shares of Manitowoc by 14.6% in the first quarter. Front Street Capital Management Inc. now owns 2,313,676 shares of the industrial products company’s stock worth $34,890,000 after buying an additional 295,092 shares during the period. Invesco Ltd. boosted its position in shares of Manitowoc by 14.5% in the first quarter. Invesco Ltd. now owns 2,227,321 shares of the industrial products company’s stock worth $33,588,000 after buying an additional 281,654 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Manitowoc by 7.0% in the third quarter. Vanguard Group Inc. now owns 1,922,936 shares of the industrial products company’s stock worth $14,903,000 after buying an additional 126,037 shares during the period. 77.70% of the stock is currently owned by institutional investors and hedge funds.

About Manitowoc (Get Free Report)

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.

Further Reading

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Original: MarketBeat News Feed: The Manitowoc Company, Inc. (NYSE:MTW) Sees Large Drop in Short Interest