Modine Manufacturing (NYSE:MOD) Trading 6.8% Higher – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s stock price traded up 6.8% during mid-day trading on Friday . The stock traded as high as $192.54 and last traded at $191.3880. Approximately 258,114 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 1,380,268 shares. The stock had previously closed at $179.26.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday, August 25th. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Glj Research reiterated a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. B. Riley Financial reissued a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Finally, KeyCorp restated an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Price Performance

The firm has a market cap of $10.03 billion, a P/E ratio of 71.00, a P/E/G ratio of 0.62 and a beta of 1.74. The company has a fifty day moving average of $206.93 and a 200-day moving average of $233.14. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.26. The business had revenue of $874.10 million for the quarter, compared to analysts’ expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business’s revenue was up 28.0% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. On average, sell-side analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Insider Activity

In related news, Director Eric Ashleman sold 15,000 shares of the firm’s 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 transaction, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric McGinnis sold 1,020 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the transaction, the insider owned 28,364 shares in the company, valued at approximately $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 worth $15,928,759 over the last quarter. Insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company bought a new position in Modine Manufacturing during the second quarter valued at $4,478,000. Lazard Asset Management LLC bought a new stake in shares of Modine Manufacturing in the first quarter valued at $1,722,000. Robinhood Asset Management LLC bought a new stake in shares of Modine Manufacturing in the second quarter valued at $8,848,000. Ranger Investment Management L.P. purchased a new position in shares of Modine Manufacturing during the 1st quarter valued at $15,557,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Modine Manufacturing by 253.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock valued at $68,230,000 after buying an additional 219,373 shares during the last quarter. 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 diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.