KeyCorp Cuts Modine Manufacturing (NYSE:MOD) Price Target to $280.00

Modine Manufacturing (NYSE:MOD) had its price target cut by equities researchers at KeyCorp from $370.00 to $280.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the auto parts company’s stock. KeyCorp’s target price points to a potential upside of 57.44% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Oppenheimer upped their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. DA Davidson restated a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. B. Riley Financial raised their target price on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, UBS Group boosted their price target on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Modine Manufacturing has a consensus rating of “Moderate Buy” and a consensus price target of $314.29.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $177.85 on Thursday. The company has a fifty day simple moving average of $259.45 and a 200-day simple moving average of $229.97. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 79.40, a PEG ratio of 0.67 and a beta of 1.67. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. Modine Manufacturing has a 52-week low of $108.32 and a 52-week high of $323.25.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The firm had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. During the same period in the previous year, the business posted $0.95 earnings per share. Modine Manufacturing’s quarterly revenue was up 28.0% on a year-over-year basis. On average, equities analysts anticipate that Modine Manufacturing will post 7.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director directly owned 42,350 shares in the company, valued at $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 over the last 90 days. 1.92% of the stock is owned by company insiders.

Institutional Trading of Modine Manufacturing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MOD. Optiver Holding B.V. grew its stake in shares of Modine Manufacturing by 19.7% in the first quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock valued at $51,000 after buying an additional 39 shares in the last quarter. World Investment Advisors boosted its position in Modine Manufacturing by 4.1% in the 1st quarter. World Investment Advisors now owns 1,643 shares of the auto parts company’s stock valued at $356,000 after buying an additional 65 shares during the period. Xponance LLC raised its stake in shares of Modine Manufacturing by 1.7% in the fourth quarter. Xponance LLC now owns 4,424 shares of the auto parts company’s stock valued at $591,000 after acquiring an additional 75 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Modine Manufacturing by 3.4% during the 4th quarter. State of Alaska Department of Revenue now owns 3,156 shares of the auto parts company’s stock worth $421,000 after purchasing an additional 103 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Modine Manufacturing by 6.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company’s stock valued at $386,000 after buying an additional 103 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Company Profile

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.