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Manitowoc's Shares Changing Hands at Higher Prices on 1.2x Above-Average Volume (MTW)

Published on Fri, 01/25/2013 - 14:15
By Peter Chu

The price of Manitowoc shares has climbed to $17.65 (a 4.1% change) on heavy trading volume. Approximately 3.1 million shares have changed hands today vs. average 30-day volume of 2.5 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products and foodservice equipment. The Company's products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as well as ice making machines, refrigerators, and freezers.

Over the past year, Manitowoc has traded in a range of $9.60 to $17.70 and is now at $17.65, 84% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

Manitowoc has overhead space with shares priced $17.65, or 10.2% below the average consensus analyst price target of $19.65. The stock should find initial support at its 50-day moving average (MA) of $15.43 and further support at its 200-day MA of $13.28.

By Peter Chu
pchu@fnno.com

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