This bit of information could begin with the immortal lines, "'Twas the night before Christmas …" As the market closed last Dec. 24, Wisconsin-based Manitowoc (NYSE:MTW), a manufacturer of cranes and other equipment, closed above $50 a share. Since that time, despite cranking out solid earnings growth, the company's shares have slid to the $20 range. As such, there just might be a bottom-fishing opportunity here.

For now, Manitowoc operates in three divisions: cranes and related products, food service equipment, and military and commercial vessels. The "for now" indicates that the company is adding to its food service unit and shedding its marine segment. While most of the former has involved refrigerating equipment, by year's end it will complete the acquisition of Enodis plc, a Tampa, Fla.-based maker of largely hot food service equipment, for which it outbid Illinois Tool Works (NYSE:ITW). At the same time, the marine unit is being sold to a group of buyers, including Lockheed Martin (NYSE:LMT).

This gets us to the bread and butter of the company, its crane operation. In its most recent quarter, the segment accounted for more than 80% of total revenues and checked in with a 39% jump in its own operating earnings. Earlier this year, the unit formed a joint venture with a leading Chinese crane company for the manufacturer of cranes in Shandong Province.

One of Manitowoc's key competitors is Terex (NYSE:TEX), which has also turned in solid results, only to be whipped by Mr. Market. It also runs into Ingersoll-Rand (NYSE:IR) in food services. Analysts continue to expect to see Manitowoc earn $3.45 a share this year, which would imply a lowly P/E of only 6.1. So, as I indicated above, there appears to be a bottom-fishing opportunity here … or, better yet, a chance to be lifted by a crane.

Despite its slide, Motley Fool CAPS players obviously have faith in Manitowoc, having accorded it a five-star rating. What's your vote?

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The Fool owns shares of Terex. Fool contributor David Lee Smith doesn't own a single share of any of the companies mentioned. He does, however, welcome your comments. The Motley Fool has a high-flying disclosure policy.