Modine Manufacturing (NYSE:MOD) Shares Down 3.8% – Here’s Why

Modine Manufacturing Company (NYSE:MOD) dropped 3.8% during trading on Monday . The company traded as low as $206.00 and last traded at $211.0830. Approximately 212,344 shares were traded during trading, a decline of 85% from the average daily volume of 1,390,374 shares. The stock had previously closed at $219.32.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Glj Research assumed coverage on shares of Modine Manufacturing in a research report on Monday, March 30th. They set a “buy” rating and a $290.00 price target for the company. Zacks Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. DA Davidson reissued a “buy” rating and set a $265.00 target price on shares of Modine Manufacturing in a research report on Tuesday, March 31st. Finally, Roth Mkm initiated coverage on shares of Modine Manufacturing in a research note on Wednesday, February 18th. They set a “buy” rating and a $263.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $234.33.

Modine Manufacturing Price Performance

The stock has a market cap of $11.30 billion, a P/E ratio of 119.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.68. The company has a quick ratio of 1.28, a current ratio of 2.19 and a debt-to-equity ratio of 0.51. The business’s 50-day simple moving average is $209.87 and its two-hundred day simple moving average is $168.21.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. The company had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $763.54 million. Modine Manufacturing had a net margin of 3.40% and a return on equity of 22.99%. Modine Manufacturing’s revenue was up 30.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. Sell-side analysts expect that Modine Manufacturing Company will post 3.88 EPS for the current year.

Insider Activity

In other news, Director Suresh V. Garimella sold 1,100 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total value of $202,477.00. Following the completion of the transaction, the director directly owned 79,856 shares of the company’s stock, valued at $14,699,093.92. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Modine Manufacturing

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Modine Manufacturing by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,080,874 shares of the auto parts company’s stock valued at $722,297,000 after buying an additional 97,035 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Modine Manufacturing by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock worth $384,415,000 after buying an additional 130,511 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Modine Manufacturing by 31.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after acquiring an additional 560,131 shares during the period. Wasatch Advisors LP grew its stake in Modine Manufacturing by 1.4% during the second quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock valued at $176,553,000 after acquiring an additional 23,955 shares in the last quarter. Finally, Capital Research Global Investors grew its stake in Modine Manufacturing by 13.8% during the fourth quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock valued at $197,358,000 after acquiring an additional 179,617 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.