Modine Manufacturing (NYSE:MOD) Trading Down 3.8% – Here’s Why

Modine Manufacturing Company (NYSE:MOD) shares fell 3.8% during mid-day trading on Monday . The stock traded as low as $206.00 and last traded at $211.0830. 212,344 shares changed hands during trading, a decline of 85% from the average session volume of 1,390,374 shares. The stock had previously closed at $219.32.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MOD. Zacks Research upgraded shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. DA Davidson reissued a “buy” rating and issued a $265.00 target price on shares of Modine Manufacturing in a report on Tuesday, March 31st. Oppenheimer upped their target price on Modine Manufacturing from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Sunday, February 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $234.33.

Modine Manufacturing Stock Down 2.0%

The firm’s 50 day simple moving average is $207.22 and its 200 day simple moving average is $167.40. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 119.31, a price-to-earnings-growth ratio of 0.89 and a beta of 1.68. The company has a quick ratio of 1.28, a current ratio of 2.19 and a debt-to-equity ratio of 0.51.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. The business had revenue of $805.00 million during the quarter, compared to analyst estimates of $763.54 million. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The business’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. Sell-side analysts anticipate that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Insider Activity

In related news, Director Suresh V. Garimella sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the transaction, the director owned 79,856 shares in the company, valued at $14,699,093.92. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Modine Manufacturing

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Modine Manufacturing by 1.9% during the third quarter. Vanguard Group Inc. now owns 5,080,874 shares of the auto parts company’s stock worth $722,297,000 after acquiring an additional 97,035 shares during the period. Wellington Management Group LLP boosted its position in shares of Modine Manufacturing by 4.7% during the 4th quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after purchasing an additional 130,511 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after purchasing an additional 560,131 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Modine Manufacturing by 1.4% in the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after purchasing an additional 23,955 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in Modine Manufacturing by 13.8% during the fourth quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock valued at $197,358,000 after purchasing an additional 179,617 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors and hedge funds.

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.