NEW YORK (TheStreet) -- Shares of Manitowoc Co. Inc. (MTW) are rising higher by 10.90% to $23.20 in pre-market trading on Monday, after activist investor Carl Icahn reported a 7.77% stake in the company, Reuters reports.
The company operates in two markets, cranes and related products, and foodservice equipment.
Icahn is looking to split the company's crane and foodservice equipment businesses, and said that he would look for board representation if needed, but has yet to have any discussions with the company, Reuters added.
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Icahn is the second shareholder this year to urge the company to split its businesses, Bloomberg reports. Activist shareholder Relational Investors LLC acquired an 8.5% stake in mid-2014 and pushed for a split.
Separately, TheStreet Ratings team rates MANITOWOC CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MANITOWOC CO (MTW) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."