Credit where due, Manitex (NASDAQ:MNTX) management is doing what it can to shore up the business during a tough cyclical downturn in its core businesses. In addition to cutting costs, management has been selling non-core businesses in an attempt to reduce the company's leverage and give it a little more breathing room while awaiting a turnaround in its key energy market and the benefit of efforts to grow the ASV and PM businesses.
Unlike so many other
industrial names, Manitex didn't really see a post-election bounce (the
bounce Manitex saw last week was due to more encouraging guidance for
its crane business). Manitex isn't as leveraged to potential
infrastructure spending increases as Terex (NYSE:TEX) or Manitowoc (NYSE:MTW), but it can still be argued that the shares don't reflect the possibility of a turnaround here.
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Manitex Waiting For The Tide To Change