Analysts have a consensus target price of $8.88 in the 12-month period. The price objective is 106.03% higher than the recent closing price of $4.31. The 52-week price range is $4.00-$22.56 and the company has a market capitalization of $586.50 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 10 has assigned a hold rating, 0 says it’s a buy, and 1 have assigned a strong buy rating to the company.
Manitowoc Company Inc (MTW) on March 18, 2016 announced that it will implement further actions during 2016 to right-size, the now independent, Cranes business and increase operating efficiencies to meet current demand levels. These activities will include headcount reductions in the company’s Shady Grove, PA and Manitowoc, WI facilities, plant rationalizations, and other cost optimization initiatives, and are in addition to those activities announced in late-2015.
“As we have communicated, this cycle has proven to be different from any other in recent past. Since joining the company in late December, I have continued to outline a strategy that centers on our key stakeholders – customers, employees and shareholders. My goal is to create a culture that is driven by innovation and velocity at the core of every aspect of our business,” commented Barry L. Pennypacker, president and chief executive officer of The Manitowoc Company.
“Our business has great potential for growth and improved profitability. However, there are clear opportunities to improve near-term performance, while at the same time positioning the company to extend its industry leadership. The activities we are announcing will further improve our margin profile, while ensuring agility in our response to customers’ needs. We will provide greater clarity on expected costs and savings as a result of these actions during our first quarter 2016 earnings call,” concluded Pennypacker.
The Manitowoc Company, Inc. designs, manufactures, and sells cranes and related products, and foodservice equipment worldwide. Its Cranes and Related Products segment offers lattice-boom cranes, including crawler and truck mounted lattice-boom cranes, and crawler crane attachments; tower cranes comprising top slewing, luffing jib, topless, and self-erecting tower cranes; mobile telescopic cranes, including rough terrain, all-terrain, truck mounted, and industrial cranes; and boom trucks, such as telescopic boom trucks under Manitowoc, Grove, Potain, National Crane, and Shuttlelift brands. This segment also provides crane product parts and services; and crane rebuilding, remanufacturing, and training services under the Manitowoc Crane Care brand name. This segment’s products are used in various applications, including energy and utilities; petrochemical and industrial projects; infrastructure development, such as road, bridge, and airport construction; and commercial and high-rise residential construction industries. The Foodservice Equipment segment provides cooking and warming equipment; ice machines and storage bins; refrigerator and freezer equipment; beverage dispensers and related products; and serving, warming, and storage equipment.
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