KeyCorp Has Lowered Expectations for Modine Manufacturing (NYSE:MOD) Stock Price

Modine Manufacturing (NYSE:MOD) had its price objective cut by equities research analysts at KeyCorp from $370.00 to $280.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the auto parts company’s stock. KeyCorp’s price objective points to a potential upside of 57.44% from the company’s current price.

A number of other analysts also recently weighed in on MOD. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Glj Research reiterated a “buy” rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. B. Riley Financial upped their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. DA Davidson reiterated a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.29.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $177.85 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. Modine Manufacturing has a 12 month low of $108.32 and a 12 month high of $323.25. The firm has a market capitalization of $9.45 billion, a P/E ratio of 79.40, a P/E/G ratio of 0.67 and a beta of 1.67. The company’s fifty day moving average price is $259.45 and its 200 day moving average price is $229.97.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to analysts’ expectations of $878.69 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The business’s revenue was up 28.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. As a group, sell-side analysts predict that Modine Manufacturing will post 7.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider directly owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This represents a 3.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the transaction, the vice president owned 66,343 shares in the company, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 in the last 90 days. 1.92% of the stock is owned by company insiders.

Institutional Trading of Modine Manufacturing

Several institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its holdings in Modine Manufacturing by 120.4% during the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock worth $176,037,000 after acquiring an additional 720,389 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Modine Manufacturing by 31.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after buying an additional 560,131 shares during the last quarter. WT Asset Management Ltd acquired a new stake in Modine Manufacturing during the fourth quarter valued at approximately $69,255,000. Janus Henderson Group PLC lifted its holdings in Modine Manufacturing by 2,249.9% during the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after buying an additional 501,229 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Modine Manufacturing in the 4th quarter valued at approximately $58,309,000. 95.23% of the stock is 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.