Manitowoc Co. Stock Popped 5.8% in October: What You Need to Know
The market continued to lift cranes specialist Manitowoc Co.'s (NYSE: MTW) stock higher in last month, driving it up by 5.8% to extend its year-to-date gains to a staggering 60% as of Oct. 31. When a stock surges despite a lack of news out of the company, macro factors are usually at play.
Manitowoc had a rough couple of years after it began operating as a standalone crane company following the spinoff of its food service equipment business. The construction equipment industry is cyclical, so volatility in its earnings was to be expected. But the pressure on the cranes segment wasn't as apparent prior to the split, when higher margins from what is now Manitowoc Foodservice were available to offset much of the weakness on the construction side.
Now that Manitowoc is on its own, it desperately needs healthier construction markets to boost its profits. Not surprisingly, when industry leader Caterpillar Inc. (NYSE: CAT) reported strong third-quarter numbers last month and confirmed strength in important regions like China, and key industries like oil and gas, investors in Manitowoc became hopeful.
Source: Fool.com
Manitowoc Company Inc. Stock
Our community is currently low on Manitowoc Company Inc. with 1 Buy predictions and 4 Sell predictions.
With a target price of 9 € there is a slightly negative potential of -1.1% for Manitowoc Company Inc. compared to the current price of 9.1 €.
