Zacks Investment Research Lowers Modine Manufacturing Co. (MOD) to Hold
Modine Manufacturing Co. (NYSE:MOD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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). “
Modine Manufacturing (NYSE:MOD) opened at 11.98 on Wednesday. The stock has a market cap of $572.42 million, a PE ratio of 307.18 and a beta of 1.42. The company’s 50 day moving average is $11.18 and its 200 day moving average is $10.38. Modine Manufacturing has a one year low of $5.39 and a one year high of $12.03.
Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, August 2nd. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. Modine Manufacturing had a net margin of 0.14% and a return on equity of 10.46%. The firm had revenue of $347.20 million for the quarter, compared to the consensus estimate of $337.10 million. During the same period in the prior year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts expect that Modine Manufacturing will post $0.84 EPS for the current year.
A number of large investors have recently made changes to their positions in MOD. Hillsdale Investment Management Inc. acquired a new stake in shares of Modine Manufacturing during the second quarter valued at $410,000. Stifel Financial Corp increased its stake in shares of Modine Manufacturing by 5.8% in the second quarter. Stifel Financial Corp now owns 347,343 shares of the company’s stock valued at $3,056,000 after buying an additional 19,144 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Modine Manufacturing by 34.7% in the second quarter. Legal & General Group Plc now owns 11,650 shares of the company’s stock valued at $102,000 after buying an additional 3,000 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Modine Manufacturing during the second quarter valued at $114,000. Finally, A.R.T. Advisors LLC increased its stake in shares of Modine Manufacturing by 44.1% in the second quarter. A.R.T. Advisors LLC now owns 50,261 shares of the company’s stock valued at $442,000 after buying an additional 15,389 shares during the last quarter. 83.52% of the stock is currently 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-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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