Modine Manufacturing (NYSE:MOD) Trading 8.9% Higher – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s share price shot up 8.9% during mid-day trading on Monday . The company traded as high as $214.66 and last traded at $214.05. 119,168 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,435,960 shares. The stock had previously closed at $196.55.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MOD shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a research report on Monday, December 29th. Oppenheimer boosted their target price on Modine Manufacturing from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Roth Mkm assumed coverage on Modine Manufacturing in a research report on Wednesday, February 18th. They set a “buy” rating and a $263.00 price target for the company. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, DA Davidson boosted their price objective on Modine Manufacturing from $255.00 to $265.00 and gave the company a “buy” rating in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $223.20.

Modine Manufacturing Price Performance

The company’s 50-day simple moving average is $190.71 and its 200 day simple moving average is $162.27. The company has a market cap of $11.09 billion, a PE ratio of 117.20, a PEG ratio of 1.20 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.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings data on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.20. The business had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $763.54 million. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The company’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. On average, sell-side analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Insider Transactions at Modine Manufacturing

In other news, Director Suresh V. Garimella sold 1,100 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $184.07, for a total transaction of $202,477.00. Following the completion of the transaction, the director directly owned 79,856 shares of the company’s stock, valued at approximately $14,699,093.92. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at $25,000. Spire Wealth Management purchased a new position in Modine Manufacturing in the fourth quarter valued at $27,000. First Horizon Corp purchased a new position in Modine Manufacturing in the third quarter valued at $38,000. Sunbelt Securities Inc. acquired a new stake in Modine Manufacturing in the third quarter valued at $39,000. Finally, Danske Bank A S purchased a new stake in Modine Manufacturing during the 3rd quarter worth about $43,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

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.