Modine Manufacturing (NYSE:MOD) Shares Down 6% – What’s Next?
by Doug Wharley · The Cerbat GemModine Manufacturing Company (NYSE:MOD – Get Free Report) was down 6% during trading on Wednesday . The stock traded as low as $122.50 and last traded at $122.1740. Approximately 571,934 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,885,173 shares. The stock had previously closed at $129.97.
Analyst Ratings Changes
A number of equities analysts recently weighed in on MOD shares. UBS Group assumed coverage on shares of Modine Manufacturing in a report on Thursday, November 20th. They set a “buy” rating and a $173.00 target price on the stock. KeyCorp lifted their price objective on shares of Modine Manufacturing from $160.00 to $175.00 and gave the company an “overweight” rating in a research report on Tuesday, October 14th. DA Davidson reaffirmed a “buy” rating and issued a $200.00 target price on shares of Modine Manufacturing in a report on Wednesday, November 19th. Oppenheimer raised their target price on shares of Modine Manufacturing from $145.00 to $180.00 and gave the company an “outperform” rating in a research note on Tuesday, October 14th. Finally, Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $182.00.
Read Our Latest Research Report on MOD
Modine Manufacturing Stock Down 6.7%
The firm has a market cap of $6.39 billion, a P/E ratio of 35.04, a P/E/G ratio of 0.89 and a beta of 1.70. The firm’s fifty day moving average is $145.95 and its 200 day moving average is $136.39. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 2.00.
Modine Manufacturing (NYSE:MOD – Get Free Report) last issued its quarterly earnings data on Tuesday, October 28th. The auto parts company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.09. Modine Manufacturing had a net margin of 6.93% and a return on equity of 23.19%. The firm had revenue of $738.90 million during the quarter, compared to the consensus estimate of $699.91 million. During the same period last year, the business posted $0.97 earnings per share. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.
Insider Transactions at Modine Manufacturing
In related news, CEO Neil David Brinker sold 31,871 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $160.56, for a total value of $5,117,207.76. Following the completion of the sale, the chief executive officer directly owned 238,312 shares in the company, valued at $38,263,374.72. The trade was a 11.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.48% of the stock is owned by company insiders.
Institutional Investors Weigh In On Modine Manufacturing
Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors bought a new position in Modine Manufacturing during the third quarter worth about $184,610,000. Champlain Investment Partners LLC increased its holdings in shares of Modine Manufacturing by 244.3% during the second quarter. Champlain Investment Partners LLC now owns 743,643 shares of the auto parts company’s stock worth $73,249,000 after purchasing an additional 527,626 shares during the period. Congress Asset Management Co. increased its holdings in shares of Modine Manufacturing by 954.8% during the third quarter. Congress Asset Management Co. now owns 527,480 shares of the auto parts company’s stock worth $74,987,000 after purchasing an additional 477,473 shares during the period. Norges Bank acquired a new stake in shares of Modine Manufacturing in the second quarter valued at approximately $41,081,000. Finally, Hood River Capital Management LLC boosted its stake in shares of Modine Manufacturing by 222.8% in the second quarter. Hood River Capital Management LLC now owns 564,466 shares of the auto parts company’s stock valued at $55,600,000 after buying an additional 389,574 shares during the period. Institutional investors and hedge funds 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.