Modine Manufacturing (MOD) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Modine Manufacturing (NYSE:MOD) from a sell rating to a hold rating in a research report report published on Wednesday.
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 Modine Manufacturing from a sell rating to a strong sell rating in a research report on Wednesday, September 12th.
Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, October 30th. The auto parts company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.11. The business had revenue of $548.90 million during the quarter, compared to analysts’ expectations of $516.95 million. Modine Manufacturing had a return on equity of 16.57% and a net margin of 2.27%. Modine Manufacturing’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. As a group, analysts predict that Modine Manufacturing will post 1.56 earnings per share for the current fiscal year.
Modine Manufacturing announced that its board has initiated a share repurchase plan on Tuesday, October 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the auto parts company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Modine Manufacturing by 2.4% during the third quarter. Vanguard Group Inc. now owns 4,328,334 shares of the auto parts company’s stock valued at $64,492,000 after purchasing an additional 103,083 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Modine Manufacturing by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 4,225,965 shares of the auto parts company’s stock valued at $62,968,000 after purchasing an additional 82,073 shares during the last quarter. Frontier Capital Management Co. LLC boosted its position in Modine Manufacturing by 6.0% during the third quarter. Frontier Capital Management Co. LLC now owns 4,200,197 shares of the auto parts company’s stock valued at $62,583,000 after purchasing an additional 237,090 shares during the last quarter. United Services Automobile Association boosted its position in Modine Manufacturing by 2,224.3% during the second quarter. United Services Automobile Association now owns 2,444,646 shares of the auto parts company’s stock valued at $135,531,000 after purchasing an additional 2,339,469 shares during the last quarter. Finally, LSV Asset Management boosted its position in Modine Manufacturing by 4.4% during the second quarter. LSV Asset Management now owns 1,632,439 shares of the auto parts company’s stock valued at $29,792,000 after purchasing an additional 68,262 shares during the last quarter. 87.11% of the stock is owned by hedge funds and other institutional investors.
Modine Manufacturing Company Profile
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.
Read More: SEC Filing
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Modine Manufacturing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Modine Manufacturing and related companies with MarketBeat.com's FREE daily email newsletter.