Manitex (MNTX), a small manufacturer of truck-mounted cranes (boom truck, straight-mast, knuckle cranes, and so on), industrial cranes, and specialized forklifts, didn’t have a strong second quarter in absolute terms, but the business did hold up comparatively/relatively well in a quarter that was brutal for almost all manufacturers of construction and access equipment. Management didn’t sound bullish on the near-term prospects, but cost-cutting and working capital releases should help manage the liquidity situation.
Manitex is up slightly from my last update on the company, underperforming both the larger industrial space and larger companies in the construction equipment space. While many larger names rebounded as investors got more comfortable with the reality of horrible near-term results and eventual recoveries, Manitex is virtually unfollowed and its small size and daily liquidity keep off the radar of most institutions. I continue to believe the shares are undervalued, and I believe the company will make it through this tighter squeeze, but this is really only a name suitable for more aggressive investors.
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