Back to top

Image: Bigstock

The Manitowoc Company, Inc. (MTW) Moves 5.4% Higher: Will This Strength Last?

Read MoreHide Full Article

The Manitowoc Company, Inc. (MTW - Free Report) shares rallied 5.4% in the last trading session to close at $17.99. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.4% loss over the past four weeks.

Manitowoc recently announced that Barnstable, North Devon-based mobile crane rental company, KAS Crane Hire, has become the first Manitowoc customer in the U.K. to take delivery of a new Grove GMK3060L-1 all-terrain crane featuring the next generation carrier cab.

KAS Crane Hire has renewed its fleet and chose Grove based on its prior good experiences with the brand. It is particularly impressed with the strength and quality of Manitowoc’s cranes, and the speed and convenience of its aftermarket support.

The GMK3060L-1 offers strong lifting capacities and long reach from its 48-meter seven-section MEGAFORM boom on an extremely compact carrier, which is just 2.55 meter wide. It is the most compact crane in the 60 ton class. In addition to the shortest overall length and the lowest height, it also scores top marks for the smallest tail swing.

Manitowoc has been witnessing strong order levels lately. Focus on innovation will continue to aid it in leading the industry by providing differentiated products that add value to customers.

This company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of -105.3%. Revenues are expected to be $514.47 million, up 19.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For The Manitowoc Company, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MTW going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

The Manitowoc Company, Inc. (MTW) - free report >>

Published in