DA Davidson Reaffirms Buy Rating for Modine Manufacturing (NYSE:MOD)

Modine Manufacturing (NYSE:MOD)‘s stock had its “buy” rating restated by investment analysts at DA Davidson in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $330.00 target price on the auto parts company’s stock. DA Davidson’s price target points to a potential upside of 79.36% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday, August 25th. Glj Research reissued a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. B. Riley Financial reissued a “buy” rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. KeyCorp reaffirmed an “overweight” rating and set a $280.00 price objective on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. Finally, Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.86.

Modine Manufacturing Trading Up 3.3%

Modine Manufacturing stock traded up $5.79 during mid-day trading on Tuesday, hitting $183.99. The company’s stock had a trading volume of 410,553 shares, compared to its average volume of 1,381,718. The business has a 50 day moving average price of $192.02 and a 200-day moving average price of $230.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. Modine Manufacturing has a 12 month low of $111.18 and a 12 month high of $323.25. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 69.12, a price-to-earnings-growth ratio of 0.58 and a beta of 1.71.

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

Hedge Funds Weigh In On Modine Manufacturing

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Modine Manufacturing in the 2nd quarter worth approximately $765,540,000. Capital Research Global Investors boosted its holdings 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 worth $197,358,000 after buying an additional 179,617 shares in the last quarter. Paradigm Capital Management Inc. NY acquired a new stake in Modine Manufacturing during the second quarter valued at $388,140,000. Janus Henderson Group PLC increased its position in shares of Modine Manufacturing by 2,249.9% in the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock valued at $113,459,000 after buying an additional 501,229 shares in the last quarter. Finally, Jupiter Topco LLC purchased a new position in shares of Modine Manufacturing during the 2nd quarter valued at approximately $123,873,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

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.