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Manitex (MNTX) Wins $3.0M Crane Order at CONEXPO 2017
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Manitex International, Inc. (MNTX - Free Report) has received a new order worth $3 million from its long standing dealer of over two decades, Coastline Equipment. Per the order, Manitex will deliver 24 Manitex cranes in 2017 and beyond to expand Coastline Equipment’s rental fleet as well as for retail sales.
The order consists of a broad mix of Manitex CM Series and TC Series line of straight-mast boom trucks and truck-mounted cranes, ranging in lifting capacity from 19 to 40 tons.
The company has received positive response from customers for its new models and product enhancements. Additionally, it has received several additional orders from new and existing customers throughout the Conexpo show.
Even though demand in the industrial equipment markets remained at very low levels in 2016, the company is taking initiatives to positon itself for future growth by implementing cost reductions and reducing debt levels. These steps included the divestiture of CVS Ferrari and Liftking, and the continued rebuilding of the ASV segment. Moreover, the company is improving competitive position in the market and witnessing market share gains in core businesses.
Manitex’s backlog had increased 9% sequentially to $51.9 million as of Jan 31, 2017, compared with $27.1 million at the end of the third quarter of 2016. This bodes well for the first-quarter performance.
The Manitex stock has delivered an impressive one-year return of about 51.3%, outperforming the Zacks categorized Machinery General Industrial sub industry’ gain of 26.4%.
Manitex currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space include ACCO Brands Corporation (ACCO - Free Report) Parker-Hannifin Corporation (PH - Free Report) , and Altra Industrial Motion Corp. . ACCO Brands generated a positive average earnings surprise of 24.74% in the trailing four quarters and sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Parker-Hannifin has delivered an average positive earnings surprise of 12.44% in the last four quarters and also sports a Zacks Rank #1. Altra Industrial Motion has a positive average earnings surprise of 12.49% in the last four quarters and carries a Zacks Rank #2 (Buy).
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Manitex (MNTX) Wins $3.0M Crane Order at CONEXPO 2017
Manitex International, Inc. (MNTX - Free Report) has received a new order worth $3 million from its long standing dealer of over two decades, Coastline Equipment. Per the order, Manitex will deliver 24 Manitex cranes in 2017 and beyond to expand Coastline Equipment’s rental fleet as well as for retail sales.
The order consists of a broad mix of Manitex CM Series and TC Series line of straight-mast boom trucks and truck-mounted cranes, ranging in lifting capacity from 19 to 40 tons.
Manitex International, Inc. Price
Manitex International, Inc. Price | Manitex International, Inc. Quote
The company has received positive response from customers for its new models and product enhancements. Additionally, it has received several additional orders from new and existing customers throughout the Conexpo show.
Even though demand in the industrial equipment markets remained at very low levels in 2016, the company is taking initiatives to positon itself for future growth by implementing cost reductions and reducing debt levels. These steps included the divestiture of CVS Ferrari and Liftking, and the continued rebuilding of the ASV segment. Moreover, the company is improving competitive position in the market and witnessing market share gains in core businesses.
Manitex’s backlog had increased 9% sequentially to $51.9 million as of Jan 31, 2017, compared with $27.1 million at the end of the third quarter of 2016. This bodes well for the first-quarter performance.
The Manitex stock has delivered an impressive one-year return of about 51.3%, outperforming the Zacks categorized Machinery General Industrial sub industry’ gain of 26.4%.
Manitex currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space include ACCO Brands Corporation (ACCO - Free Report) Parker-Hannifin Corporation (PH - Free Report) , and Altra Industrial Motion Corp. . ACCO Brands generated a positive average earnings surprise of 24.74% in the trailing four quarters and sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Parker-Hannifin has delivered an average positive earnings surprise of 12.44% in the last four quarters and also sports a Zacks Rank #1. Altra Industrial Motion has a positive average earnings surprise of 12.49% in the last four quarters and carries a Zacks Rank #2 (Buy).
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>