Billionaire Larry Robbins Picks Up a Million Shares of Manitowoc Company Inc (MTW), Goes Activist

However, despite the disappointing results Manitowoc Company Inc (NYSE:MTW)’s KitchenCare business is showing signs of improvement according to results from the last quarter, in terms of improvements to KitchenCare’s fill rates, speed and accuracy. It is expected that the segment will start performing in line with management’s expectations in the second half of this year. Furthermore, on a brighter note, Manitowoc Company Inc (NYSE:MTW)’s Convotherm 4 oven and Merrychef e2 oven experienced strong demand during the first quarter.

The crane business was seasonally low during the first quarter, as is the norm for the company, but still managed to meet expectations. However, the future could pose problems as evidenced by the lesser issuance of U.S. permits, low rig count, and well starts which will negatively impact the rough-terrain and boom-truck markets. However, some of that decline could be balanced by the improvement seen in the non-residential construction in the U.S. which is providing a boost to crane utilization.

As far as Manitowoc Company Inc (NYSE:MTW)’s stock price is concerned, it is down by 11.5% year-to-date, amid a farm & construction equipment industry that has delivered unimpressive results overall, appreciating by a meager 0.39% during the same period. Among the billionaires that we track, three had investments worth $517.58 million in Manitowoc Company Inc (NYSE:MTW). Besides Robbins, Carl Icahn and James Dinan were the other two, with their respective funds having stakes of 10.58 million shares valued at $228.16 million and 8.61 million shares valued at $185.72 million.

Disclosure: None