Zacks Investment Research upgraded shares of Modine Manufacturing (NYSE:MOD) from a sell rating to a hold rating in a report issued on Tuesday morning.

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). “

Separately, ValuEngine cut shares of Modine Manufacturing from a sell rating to a strong sell rating in a research report on Wednesday, September 12th.

Shares of NYSE MOD opened at $10.80 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.25 and a debt-to-equity ratio of 0.70. Modine Manufacturing has a 52-week low of $10.79 and a 52-week high of $25.75. The company has a market capitalization of $552.05 million, a price-to-earnings ratio of 7.03 and a beta of 1.66.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.11. Modine Manufacturing had a net margin of 2.27% and a return on equity of 16.57%. The firm had revenue of $548.90 million during the quarter, compared to analysts’ expectations of $516.95 million. During the same period in the prior year, the company posted $0.36 EPS. The company’s revenue was up 8.0% on a year-over-year basis. As a group, research analysts expect that Modine Manufacturing will post 1.56 earnings per share for the current year.

Modine Manufacturing announced that its board has authorized a stock buyback program on Tuesday, October 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the auto parts company to repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of MOD. Stone Ridge Asset Management LLC acquired a new stake in shares of Modine Manufacturing during the third quarter worth $178,000. Paloma Partners Management Co acquired a new stake in shares of Modine Manufacturing during the second quarter worth $184,000. Global X Management Co LLC acquired a new stake in shares of Modine Manufacturing during the second quarter worth $206,000. Jefferies Group LLC acquired a new stake in shares of Modine Manufacturing during the third quarter worth $275,000. Finally, Trexquant Investment LP increased its position in shares of Modine Manufacturing by 124.4% during the second quarter. Trexquant Investment LP now owns 23,001 shares of the auto parts company’s stock worth $420,000 after buying an additional 12,749 shares during the period. Institutional investors own 87.11% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.

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