Modine Manufacturing (NYSE:MOD) Stock Rating Reaffirmed as “Buy” by DA Davidson

Modine Manufacturing (NYSE:MOD)‘s stock had its “buy” rating reiterated by research analysts at DA Davidson in a research report issued on Tuesday, Benzinga reports. They presently have a $330.00 target price on the auto parts company’s stock. DA Davidson’s target price suggests a potential upside of 79.66% from the stock’s previous close.

Several other equities analysts have also recently commented on MOD. Glj Research restated a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. KeyCorp restated an “overweight” rating and set a $280.00 target price on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. B. Riley Financial restated a “buy” rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $320.14.

Modine Manufacturing Stock Performance

Shares of NYSE:MOD traded up $8.64 during midday trading on Tuesday, reaching $183.68. 1,839,999 shares of the company traded hands, compared to its average volume of 1,389,103. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. Modine Manufacturing has a 12 month low of $111.18 and a 12 month high of $323.25. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of 69.05, a price-to-earnings-growth ratio of 0.65 and a beta of 1.74. The firm’s fifty day moving average price is $195.76 and its two-hundred day moving average price is $230.97.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. During the same period in the previous year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities analysts expect that Modine Manufacturing will post 7.65 earnings per share for the current year.

Hedge Funds Weigh In On Modine Manufacturing

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new position in shares of Modine Manufacturing in the 2nd quarter worth about $4,478,000. Lazard Asset Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter worth about $1,722,000. Robinhood Asset Management LLC purchased a new position in shares of Modine Manufacturing in the 2nd quarter worth about $8,848,000. Ranger Investment Management L.P. purchased a new position in shares of Modine Manufacturing in the 1st quarter worth about $15,557,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Modine Manufacturing by 253.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock worth $68,230,000 after purchasing an additional 219,373 shares in the last quarter. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

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.