Zacks Investment Research upgraded shares of Modine Manufacturing Company (NYSE:MOD) from a hold rating to a strong-buy rating in a report released on Wednesday morning. They currently have $24.00 price objective on the auto parts company’s stock.
According to Zacks, “Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. This includes heat exchangers for cooling all types of engines, transmissions, auxiliary hydraulic equipment, air conditioning components used in cars, trucks, farm and construction machinery and equipment, and heating and cooling equipment for residential and commercial building HVAC (heating, ventilating, air conditioning and refrigeration equipment). “
MOD has been the subject of several other research reports. BidaskClub lowered shares of Modine Manufacturing from a buy rating to a hold rating in a research report on Monday, July 24th. ValuEngine raised shares of Modine Manufacturing from a hold rating to a buy rating in a research note on Tuesday, August 1st. Finally, TheStreet raised shares of Modine Manufacturing from a c rating to a b- rating in a research note on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Modine Manufacturing presently has an average rating of Buy and a consensus price target of $24.00.
Shares of Modine Manufacturing (MOD) traded down 0.24% during trading on Wednesday, hitting $20.90. The stock had a trading volume of 269,890 shares. The stock’s 50-day moving average price is $17.91 and its 200 day moving average price is $15.35. Modine Manufacturing has a one year low of $9.25 and a one year high of $21.05. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 45.43 and a beta of 1.23.
Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, August 1st. The auto parts company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.09. Modine Manufacturing had a net margin of 1.35% and a return on equity of 11.16%. The firm had revenue of $515.50 million during the quarter, compared to analyst estimates of $482.70 million. During the same quarter in the prior year, the business posted $0.23 earnings per share. The company’s quarterly revenue was up 48.5% compared to the same quarter last year. On average, equities analysts forecast that Modine Manufacturing will post $1.43 EPS for the current year.
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In other Modine Manufacturing news, insider Thomas Andrew Burke sold 84,980 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $16.19, for a total transaction of $1,375,826.20. Following the sale, the insider now directly owns 454,673 shares of the company’s stock, valued at $7,361,155.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.42% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Comerica Bank bought a new stake in Modine Manufacturing during the second quarter worth about $1,619,000. Driehaus Capital Management LLC grew its stake in Modine Manufacturing by 135.6% during the first quarter. Driehaus Capital Management LLC now owns 383,772 shares of the auto parts company’s stock worth $4,682,000 after buying an additional 220,862 shares during the last quarter. American International Group Inc. grew its stake in Modine Manufacturing by 7.0% during the first quarter. American International Group Inc. now owns 28,990 shares of the auto parts company’s stock worth $354,000 after buying an additional 1,907 shares during the last quarter. Victory Capital Management Inc. grew its stake in Modine Manufacturing by 15.1% during the second quarter. Victory Capital Management Inc. now owns 1,662,194 shares of the auto parts company’s stock worth $27,509,000 after buying an additional 217,843 shares during the last quarter. Finally, Menta Capital LLC bought a new stake in Modine Manufacturing during the first quarter worth about $369,000. 83.37% of the stock is currently owned by hedge funds and other institutional investors.
Modine Manufacturing Company Profile
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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