On Jul 12, The Manitowoc Company, Inc. (MTW - Free Report) was downgraded a notch to a Zacks Rank #4 (Sell). Going by the Zacks model, companies carrying a Zacks Rank #4 have chances of performing weaker than the broader market over the upcoming quarters.
Why the Downgrade?
On May 9, the manufacturer of cranes reported an adjusted loss per share of 17 cents per share compared with a loss of 5 cents reported in the year-ago quarter. Manitowoc expects revenues to decline approximately 8–10% year over year in 2017. Adjusted EBITDA is anticipated between $41 million and $59 million.
Since first-quarter results, Manitowoc’s shares dipped 6.9%, underperforming the 8.3% growth registered by the Zacks categorized Machinery-Construction/ Mining sub industry.
Crane demand continues to be soft and at historically low levels in America, due to depressed used-crane values and weak rental rates. Based on current activity levels, particularly in mobile cranes, the company does not expect a meaningful recovery in global demand for cranes in the near term. Mobile crane demand continues to be muted in the Americas and the Middle East region, due to persistently lower used crane values and soft rental rates. The North American market for crawler cranes continues to be extremely weak. Uncertainty among customers is mounting due to emerging market peers, apprehensions related to China’s growth outlook, persistently depressed oil prices and sluggish domestic growth.
Manitowoc Company, Inc. Price and Consensus
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
On Jul 12, The Manitowoc Company, Inc. (MTW - Free Report) was downgraded a notch to a Zacks Rank #4 (Sell). Going by the Zacks model, companies carrying a Zacks Rank #4 have chances of performing weaker than the broader market over the upcoming quarters.
Why the Downgrade?
On May 9, the manufacturer of cranes reported an adjusted loss per share of 17 cents per share compared with a loss of 5 cents reported in the year-ago quarter. Manitowoc expects revenues to decline approximately 8–10% year over year in 2017. Adjusted EBITDA is anticipated between $41 million and $59 million.
Since first-quarter results, Manitowoc’s shares dipped 6.9%, underperforming the 8.3% growth registered by the Zacks categorized Machinery-Construction/ Mining sub industry.
Crane demand continues to be soft and at historically low levels in America, due to depressed used-crane values and weak rental rates. Based on current activity levels, particularly in mobile cranes, the company does not expect a meaningful recovery in global demand for cranes in the near term. Mobile crane demand continues to be muted in the Americas and the Middle East region, due to persistently lower used crane values and soft rental rates. The North American market for crawler cranes continues to be extremely weak. Uncertainty among customers is mounting due to emerging market peers, apprehensions related to China’s growth outlook, persistently depressed oil prices and sluggish domestic growth.
Manitowoc Company, Inc. Price and Consensus
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on MTW - FREE
Get the latest research report on DE - FREE
Get the latest research report on APOG - FREE
Get the latest research report on LAKE - FREE