Modine Manufacturing (NYSE:MOD) Price Target Cut to $260.00 by Analysts at Oppenheimer

Modine Manufacturing (NYSE:MOD) had its price target lowered by Oppenheimer from $300.00 to $260.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the auto parts company’s stock. Oppenheimer’s price target would suggest a potential upside of 46.53% from the company’s previous close.

A number of other research analysts have also weighed in on the stock. B. Riley Financial reiterated a “buy” rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. KeyCorp reaffirmed an “overweight” rating and issued a $280.00 price target on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, DA Davidson reissued a “buy” rating and set a $330.00 price objective on shares of Modine Manufacturing in a report on Tuesday. Seven equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $310.86.

Modine Manufacturing Stock Performance

NYSE:MOD traded down $11.77 on Friday, reaching $177.44. 738,834 shares of the company’s stock were exchanged, compared to its average volume of 1,384,277. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 66.90, a P/E/G ratio of 0.61 and a beta of 1.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The stock has a fifty day simple moving average of $193.29 and a 200-day simple moving average of $230.94. Modine Manufacturing has a 52 week low of $111.18 and a 52 week high of $323.25.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The company’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share. As a group, sell-side analysts predict that Modine Manufacturing will post 7.65 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Modine Manufacturing in the first quarter worth $25,000. Rakuten Securities Inc. purchased a new position in Modine Manufacturing during the second quarter worth about $40,000. PenderFund Capital Management Ltd. purchased a new position in Modine Manufacturing during the second quarter worth about $42,000. Vega Investment Solutions bought a new position in Modine Manufacturing in the 2nd quarter worth about $52,000. Finally, TD Waterhouse Canada Inc. bought a new position in Modine Manufacturing in the 2nd quarter worth about $55,000. Institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal management company that develops and manufactures technologies for controlling and transferring heat. Founded in 1916 and headquartered in Racine, Wisconsin, Modine serves customers in the automotive, commercial and industrial, data center, HVAC, refrigeration, and other specialized markets.

The company’s products and systems include heat exchangers, cooling modules, coils, radiators, condensers, fans, thermal management systems, and related components.