Jefferies Reiterates a Buy Rating on Manitowoc Company

By Austin Angelo

In a report issued on November 1, Stephen Volkmann from Jefferies reiterated a Buy rating on Manitowoc Company (NYSE: MTW), with a price target of $7. The company’s shares closed yesterday at $3.90.

According to TipRanks.com, Volkmann is a 5-star analyst with an average return of 8.5% and a 60.8% success rate. Volkmann covers the Industrial Goods sector, focusing on stocks such as United Technologies Corp., Illinois Tool Works, and Titan International.

Manitowoc Company has an analyst consensus of Hold, with a price target consensus of $6.25.

The company has a one year high of $6.15 and a one year low of $2.48. Currently, Manitowoc Company has an average volume of 1.87M.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MTW in relation to earlier this year. Most recently, in May 2016, Carl Laurino, the SVP and CFO of MTW bought 47,200 shares for a total of $251,104.

The Manitowoc Co., Inc. produces capital goods. The company operates through the following segments: Cranes & Related Products, and Foodservice Equipment. The Cranes & Related Products segment provides engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. The Foodservice Equipment segment manufactures commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, holding and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. Manitowoc was founded in 1902 and is headquartered in Manitowoc, WI.