Modine Manufacturing (NYSE:MOD) Hits New 1-Year High After Strong Earnings

Shares of Modine Manufacturing Company (NYSE:MOD) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $205.74 and last traded at $198.8950, with a volume of 2593392 shares changing hands. The stock had previously closed at $196.07.

The auto parts company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $763.54 million. Modine Manufacturing had a net margin of 3.40% and a return on equity of 23.74%. The firm’s revenue was up 30.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. KeyCorp increased their price objective on Modine Manufacturing from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, October 14th. UBS Group assumed coverage on Modine Manufacturing in a report on Thursday, November 20th. They set a “buy” rating and a $173.00 target price for the company. Zacks Research upgraded shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a report on Friday, January 30th. Oppenheimer upped their price objective on shares of Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Finally, DA Davidson reaffirmed a “buy” rating and set a $200.00 target price on shares of Modine Manufacturing in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Modine Manufacturing presently has an average rating of “Buy” and a consensus target price of $197.00.

Insider Transactions at Modine Manufacturing

In related news, Director Suresh V. Garimella sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total value of $202,477.00. Following the sale, the director owned 79,856 shares in the company, valued at $14,699,093.92. This represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Neil David Brinker sold 31,871 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $160.56, for a total value of $5,117,207.76. Following the transaction, the chief executive officer directly owned 238,312 shares of the company’s stock, valued at approximately $38,263,374.72. This trade represents a 11.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,071 shares of company stock worth $5,484,685 over the last ninety days. Insiders own 2.48% of the company’s stock.

Institutional Investors Weigh In On Modine Manufacturing

A number of institutional investors have recently modified their holdings of MOD. Vanguard Group Inc. increased its holdings in shares of Modine Manufacturing by 1.9% during the third quarter. Vanguard Group Inc. now owns 5,080,874 shares of the auto parts company’s stock valued at $722,297,000 after acquiring an additional 97,035 shares in the last quarter. Wasatch Advisors LP grew its position in Modine Manufacturing by 1.4% during the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock valued at $176,553,000 after purchasing an additional 23,955 shares during the last quarter. State Street Corp increased its stake in Modine Manufacturing by 4.2% during the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after purchasing an additional 53,351 shares in the last quarter. Capital Research Global Investors purchased a new position in Modine Manufacturing in the third quarter worth about $184,610,000. Finally, Geode Capital Management LLC lifted its stake in shares of Modine Manufacturing by 1.2% in the second quarter. Geode Capital Management LLC now owns 1,214,976 shares of the auto parts company’s stock worth $119,690,000 after buying an additional 14,096 shares in the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Trading Up 5.1%

The stock has a market cap of $11.36 billion, a PE ratio of 119.89, a PEG ratio of 1.27 and a beta of 1.71. The company has a quick ratio of 1.16, a current ratio of 2.00 and a debt-to-equity ratio of 0.50. The stock’s fifty day moving average price is $148.62 and its 200 day moving average price is $144.81.

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.