Todays Report: The PNC Financial Services Group Inc. Reduces Position in Manitowoc Co. (MTW)

The PNC Financial Services Group Inc. Reduces Position in Manitowoc Co. (MTW)

PNC Financial Services Group Inc. lowered its position in shares of Manitowoc Co. (NYSE:MTW) by 7.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 25,827 shares of the company’s stock after selling 2,023 shares during the period. PNC Financial Services Group Inc.’s holdings in Manitowoc were worth $140,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in MTW. BlackRock Inc. boosted its stake in Manitowoc by 293.2% in the first quarter. BlackRock Inc. now owns 23,828 shares of the company’s stock worth $103,000 after buying an additional 17,768 shares in the last quarter. Fortaleza Asset Management Inc. bought a new stake in shares of Manitowoc during the second quarter valued at approximately $112,000. Gray Financial Group GA ADV ADV bought a new stake in shares of Manitowoc during the second quarter valued at approximately $134,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Manitowoc by 73.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 34,011 shares of the company’s stock valued at $185,000 after buying an additional 14,370 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of Manitowoc during the first quarter valued at approximately $214,000. Institutional investors and hedge funds own 78.54% of the company’s stock.

Manitowoc Co. (NYSE:MTW) traded down 1.89% during midday trading on Friday, reaching $4.67. The company had a trading volume of 828,516 shares. The stock has a 50-day moving average price of $4.68 and a 200 day moving average price of $5.18. The company’s market capitalization is $642.48 million. Manitowoc Co. has a 12-month low of $4.00 and a 12-month high of $17.56.

Manitowoc (NYSE:MTW) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.04 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.04. Manitowoc had a positive return on equity of 9.23% and a negative net margin of 5.97%. The firm had revenue of $457.70 million for the quarter, compared to analyst estimates of $466.92 million. During the same quarter last year, the company earned $0.22 EPS. The company’s revenue was down 4.2% on a year-over-year basis. Equities analysts forecast that Manitowoc Co. will post ($0.09) EPS for the current year.

MTW has been the topic of several recent analyst reports. Zacks Investment Research lowered Manitowoc from a “buy” rating to a “sell” rating in a research note on Tuesday, July 19th. Deutsche Bank AG initiated coverage on Manitowoc in a research note on Tuesday, September 6th. They issued a “hold” rating and a $5.25 price target on the stock. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $5.50 price target on shares of Manitowoc in a research note on Tuesday, August 9th. Citigroup Inc. decreased their price target on Manitowoc from $6.00 to $5.50 and set a “neutral” rating on the stock in a research note on Wednesday, August 10th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Manitowoc in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $10.01.

About Manitowoc

The Manitowoc Company, Inc (MTW) is a multi-industry, capital goods manufacturer. The Company operates in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.

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