Yahoo Finance Meritor to Supply Drivetrain Products for Manitowoc's Cranes
Meritor, Inc. MTOR entered a strategic supply agreement with The Manitowoc Company, Inc. to provide drivetrain products. Manitowoc, a leading provider of cranes and lifting solutions, will use Meritor’s drivetrain products and solutions — including planetary axles — to manufacture its numerous crane types.
The new agreement of supplying planetary axles to Manitowoc positions Meritor in a favorable spot with the strengthening of the mobile crane market. Using Meritor’s wide range of drivetrain products and solutions for the production of cranes under the Manitowoc's Grove brand will assist Meritor to expand in the off-highway market, which is in sync with its M2019 plan.
Meritor has been making investments to expand product portfolio and off-highway business, and win new businesses globally. It has been investing in the off-highway unit to increase product capability and applications, along with the development of customer-driven planetary products and solutions to access new markets.
Meritor, Inc. Price and Consensus
Meritor, Inc. Price and Consensus | Meritor, Inc. Quote
The company is witnessing higher production across all the major markets, leading to increased revenues. Increased market share and new business wins aided Meritor to generate revenues of $4.2 billion in fiscal 2018, marking 25% rise from the prior fiscal year.
Further, the company expects a similar growth trend to continue in fiscal 2019, owing to rising productions. This impelled Meritor to project sales of approximately $4.25 billion for the current fiscal.
Price Performance
Over the past six months, Meritor’s stock has lost 22.4%, outperforming 35.1% decrease recorded by the industry it belongs to.
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Zacks Rank & Key Picks
Meritor currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Fox Factory Holding Corporation FOXF, Cooper Tire & Rubber Company CTB, and Tesla, Inc. TSLA. Fox Factory and Cooper Tire currently carry a Zacks Rank #2 (Buy) while Tesla sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fox Factory has an expected long-term growth rate of 5%. Shares of the company have increased 53.4% over the past six months.
Cooper Tire has an expected long-term growth rate of 4%. Shares of the company have rallied 14.7% over the past six months.
Tesla has an expected long-term growth rate of 35%. Over the past six months, shares of the company have gained 6.4%.
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