Manitex International Inc. (NASDAQ:MNTX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “MANITEX INTERNATIONAL INC is a leading provider of engineered lifting solutions including boom trucks, cranes, rough terrain forklifts, and special mission oriented vehicles. Through their subsidiaries, they manufacture and market a comprehensive line of boom trucks and sign cranes. Their boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. The Manitex Liftking subsidiary, which includes the Noble forklift product line, manufactures and sells a complete line of rough terrain forklifts and special mission oriented vehicles, as well as other specialized carriers, heavy material handling transporters and steel mill equipment. “
Separately, Roth Capital reiterated a “buy” rating and issued a $7.50 target price on shares of Manitex International in a research report on Monday, August 8th.
Shares of Manitex International (NASDAQ:MNTX) opened at 5.31 on Tuesday. The company has a 50-day moving average of $5.59 and a 200-day moving average of $6.37. The stock’s market capitalization is $85.63 million. Manitex International has a 52-week low of $4.25 and a 52-week high of $7.68.
Manitex International (NASDAQ:MNTX) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.02 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.02. Manitex International had a negative net margin of 1.44% and a negative return on equity of 0.65%. The company earned $96.30 million during the quarter, compared to analysts’ expectations of $98.60 million. During the same quarter in the previous year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. Equities research analysts anticipate that Manitex International will post $0.01 EPS for the current year.
Several hedge funds have recently made changes to their positions in MNTX. Oxford Asset Management bought a new stake in shares of Manitex International during the second quarter valued at about $222,000. Essex Investment Management Co. LLC raised its stake in shares of Manitex International by 44.1% in the second quarter. Essex Investment Management Co. LLC now owns 89,661 shares of the company’s stock valued at $621,000 after buying an additional 27,434 shares during the period. Rutabaga Capital Management LLC MA raised its stake in shares of Manitex International by 218.8% in the second quarter. Rutabaga Capital Management LLC MA now owns 887,009 shares of the company’s stock valued at $6,147,000 after buying an additional 608,796 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Manitex International by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 17,788 shares of the company’s stock valued at $124,000 after buying an additional 79 shares during the period. Finally, Stifel Financial Corp raised its stake in shares of Manitex International by 6.1% in the second quarter. Stifel Financial Corp now owns 339,564 shares of the company’s stock valued at $2,353,000 after buying an additional 19,636 shares during the period. Institutional investors and hedge funds own 57.56% of the company’s stock.
About Manitex International
Manitex International, Inc is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries.