Modine Manufacturing Co. (MOD) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Modine Manufacturing Co. (NYSE:MOD) from a hold rating to a buy rating in a research report released on Thursday morning. The firm currently has $13.00 price objective on the 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). “
Shares of Modine Manufacturing (NYSE:MOD) opened at 11.37 on Thursday. Modine Manufacturing has a one year low of $5.39 and a one year high of $12.00. The stock has a market cap of $543.27 million, a PE ratio of 291.54 and a beta of 1.57. The firm has a 50-day moving average of $10.73 and a 200-day moving average of $10.25.
Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Modine Manufacturing had a net margin of 0.14% and a return on equity of 10.46%. The business earned $347.20 million during the quarter, compared to analysts’ expectations of $337.10 million. During the same period last year, the company posted $0.14 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, equities research analysts expect that Modine Manufacturing will post $0.84 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of MOD. Acadian Asset Management LLC boosted its position in Modine Manufacturing by 564.4% in the second quarter. Acadian Asset Management LLC now owns 113,188 shares of the company’s stock worth $996,000 after buying an additional 96,153 shares in the last quarter. Nordea Investment Management AB purchased a new position in Modine Manufacturing during the second quarter worth approximately $776,000. DNB Asset Management AS boosted its position in Modine Manufacturing by 4.5% in the second quarter. DNB Asset Management AS now owns 1,317,269 shares of the company’s stock worth $11,592,000 after buying an additional 56,620 shares in the last quarter. Panagora Asset Management Inc. boosted its position in Modine Manufacturing by 24.6% in the first quarter. Panagora Asset Management Inc. now owns 100,224 shares of the company’s stock worth $1,103,000 after buying an additional 19,794 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Modine Manufacturing by 30.4% in the first quarter. Renaissance Technologies LLC now owns 214,100 shares of the company’s stock worth $2,357,000 after buying an additional 49,900 shares in the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.
Modine Manufacturing Company Profile
Modine Manufacturing Company is a developer, manufacturer and marketer of heat exchangers and systems for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications and to a range of building, industrial and refrigeration markets. The Company specializes in thermal management systems and components.
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