Manitex International, Inc.
) hit a new 52-week high of $17.85 during intraday trading before
closing lower at $17.44 on March 12. The Bridgeview, Ill.-based
leading provider of engineered lifting solutions has delivered a
one-year return of about 64.5%, outperforming the S&P 500
return of 24.2%.
Over the past 52 weeks, Manitex's share price has ranged from
a 52-week low of $9.67 on Apr 29, 2013, to a 52-week high of
$17.85 on March 12, 2014. Average volume of shares traded over
the last three months is approximately 103K.
What's Driving Manitex Upward?
Manitex's shares have been on the rise following its strong
fourth-quarter and record fiscal 2013 results that were declared
on March 6. Earnings improved 37.5% to 22 cents per share from 16
cents in the year-earlier quarter. Moreover, the reported figure
beat the Zacks Consensus Estimate of 18 cents. Manitex has beaten
the Zacks Consensus Estimate three times in the trailing four
quarters with an average surprise of 12.69%.
Fiscal 2013 was a record year for Manitex in terms of revenues
and earnings per share. The company reported record earnings per
share of 80 cents, up 18% from 68 cents in 2012. Revenues for the
year 2013 increased 19% year over year to $245 million. The rise
resulted from increased production, thanks to the high level of
crane order backlog and the impact of Sabre and Valla
The company remains optimistic and hopes to report new record
sales and profits in 2014. Furthermore, it expects to continue
benefiting from expansion in backlog, new product development and
Manitex's acquisition of Valla, SpA in Nov 2013 will bring
diversity to its crane portfolio and increase its product
offering globally. The Sabre acquisition will also be a strategic
fit for the company as it will enable further diversification of
its product line and end markets, and lead to an above-average
Additionally, Manitex remains committed to increase its
innovative product offering, as evident from the introduction of
Manitex TC 70 crane, which will likely drive sales.
Other Stocks to Consider
Manitex currently carries a short-term Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the sector include
Sun Hydraulics Corp.
). While Kadant and Sun Hydraulics sport a Zacks Rank #1 (Strong
Buy), Middleby carries a Zacks Rank #2 (Buy).
KADANT INC (KAI): Free Stock Analysis Report
MIDDLEBY CORP (MIDD): Free Stock Analysis
MANITEX INT INC (MNTX): Free Stock Analysis
SUN HYDRAULICS (SNHY): Free Stock Analysis
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