Modine Manufacturing (NYSE:MOD) Sets New 1-Year High – Here’s What Happened

Modine Manufacturing Company (NYSE:MOD)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $314.87 and last traded at $314.09, with a volume of 514541 shares traded. The stock had previously closed at $260.52.

Wall Street Analysts Forecast Growth

MOD has been the subject of several analyst reports. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Sunday, February 22nd. Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. DA Davidson reiterated a “buy” rating and issued a $265.00 price objective on shares of Modine Manufacturing in a research report on Tuesday, March 31st. Glj Research initiated coverage on Modine Manufacturing in a research report on Monday, March 30th. They issued a “buy” rating and a $290.00 price objective for the company. Finally, Oppenheimer lifted their price objective on Modine Manufacturing from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $234.33.

Modine Manufacturing Trading Up 22.8%

The company has a 50-day simple moving average of $239.54 and a 200-day simple moving average of $191.78. The stock has a market cap of $16.87 billion, a P/E ratio of 177.79, a P/E/G ratio of 1.06 and a beta of 1.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.19.

Institutional Investors Weigh In On Modine Manufacturing

Several hedge funds and other institutional investors have recently made changes to their positions in MOD. Capital Research Global Investors acquired a new stake in shares of Modine Manufacturing in the 3rd quarter valued at $184,610,000. Invesco Ltd. increased its stake in shares of Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after buying an additional 720,389 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Modine Manufacturing by 31.6% in the 4th 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 period. WT Asset Management Ltd acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at $69,255,000. Finally, Janus Henderson Group PLC grew its stake in shares of Modine Manufacturing by 2,249.9% during the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after purchasing an additional 501,229 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

About Modine Manufacturing

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.