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MTW

Manitowoc

$4.76

0.11 (2.37%)

17:55
10/19/16
10/19
17:55
10/19/16
17:55

Manitowoc to temporarily shut down certain mobile production lines in Q4

"Orders and backlog for the company declined double digits during the third quarter, and these trends have continued into the fourth quarter. Subsequently, we've significantly reduced our production build schedules for Mobile products to reflect these lower incoming order rates. In addition, we are accelerating the relocation of the Manitowoc crawler production to Shady Grove, taking additional headcount reductions, reducing other non-employee costs, and temporarily shutting-down certain mobile production lines during the fourth quarter. While this will negatively affect gross profits for the balance of the year, we believe it will put us in a better position to manage cash flow in the current environment," said Barry Pennypacker, President & CEO.

  • 17

    Nov

MTW Manitowoc
$4.76

0.11 (2.37%)

04/20/16
04/20/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Schlumberger (SLB) upgraded to Overweight at Barclays by analyst J. David Anderson, who named the company his top pick in the North America Oilfield Services & Equipment space. He said no company has improved itself more during the downturn than Schlumberger. Anderson also upgraded Superior Energy (SPN) to Overweight and Dril-Quip (DRQ) to Equal Weight. 2. Manitowoc (MTW) upgraded to Buy at Stifel citing cutting and operations improvement to make its strong brand recognition and leading distribution more apparent to investors. 3. Kansas City Southern (KSU) upgraded two notches to Buy at BofA/Merrill by analyst Ken Hoexter, who said the company reported an impressive Q1 operating ratio and cut costs to offset near-term volume declines. 4. Copa Holdings (CPA) upgraded to Outperform at Raymond James with analyst Savanthi Syth citing increased conviction on second half earnings recovery given the strengthening of Latin American currencies versus the U.S. dollar. 5. ArcelorMittal (MT) upgraded to Buy at Jefferies on expectations carbon steel prices in Europe will rise. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/06/16
GHSC
05/06/16
UPGRADE
GHSC
Buy
Manitowoc upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Michael Shlisky upgraded Manitowoc to Buy and increased its price target to $7 from $5. The analyst's change in outlook is based on the long-term self-help story and how management noted that in a flattish revenue environment, the lean initiatives, are expected to generate 100bps-150bps of operating margin improvement per year in the near-term.
05/31/16
WBLR
05/31/16
NO CHANGE
WBLR
William Blair wonders if Manitowoc could be next target for Zoomlion
After Zoomlion walked away from Terex (TEX), William Blair analyst Lawrence De Maria questioned if Manitowoc (MTW) could be the next target. Zoomlion noted in its release that it "will continue to seek strategic opportunities" and further "procure its strategic transformation and industrial upgrading," De Maria told investors Friday afternoon in a research note. "While an offer from Zoomlion is far from certain, long Manitowoc could be an opportunity for speculative investors," the analyst contends. He points out that a 10 times EBITDA multiple implies a $6.50 per share price for Manitowoc. A "less realistic" 11 times multiple implies a $7.50 per share price for Manitowoc, he adds. De Maria listed Joy Global (JOY) and AGCO (AGCO) as other potential strategic acquisitions for off-shore buyers looking to expand technology.
09/06/16
DBAB
09/06/16
INITIATION
Target $5.25
DBAB
Hold
Manitowoc initiated with a Hold at Deutsche Bank
Target $5.25.

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