Modine Manufacturing (NYSE:MOD) Shares Up 6.8% – Here’s Why

Modine Manufacturing Company (NYSE:MOD) shares traded up 6.8% during mid-day trading on Friday . The stock traded as high as $192.54 and last traded at $191.3880. 258,114 shares traded hands during trading, a decline of 81% from the average session volume of 1,380,268 shares. The stock had previously closed at $179.26.

Analyst Ratings Changes

Several analysts have recently weighed in on MOD shares. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. UBS Group raised their target price on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. KeyCorp reissued an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. B. Riley Financial restated a “buy” rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Finally, Oppenheimer raised their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Seven 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Stock Performance

The stock has a 50-day moving average of $207.78 and a 200-day moving average of $233.45. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 71.39, a price-to-earnings-growth ratio of 0.61 and a beta of 1.74. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04.

Modine Manufacturing (NYSE:MOD) last released its quarterly 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. The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business’s revenue was up 28.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. As a group, analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Brian Agen sold 38,282 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the transaction, the vice president owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric McGinnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider owned 28,364 shares in the company, valued at $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Modine Manufacturing

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Modine Manufacturing by 26.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock valued at $2,857,000 after purchasing an additional 7,831 shares in the last quarter. California Public Employees Retirement System increased its holdings in Modine Manufacturing by 8.3% during the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock worth $6,767,000 after buying an additional 5,244 shares during the last quarter. State Street Corp raised its position in Modine Manufacturing by 4.2% during the second quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock worth $128,985,000 after acquiring an additional 53,351 shares in the last quarter. Qube Research & Technologies Ltd lifted its stake in Modine Manufacturing by 106.3% in the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after acquiring an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Modine Manufacturing by 70.8% in the second quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock valued at $30,501,000 after acquiring an additional 128,348 shares during the last quarter. 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 products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.