Modine Manufacturing (NYSE:MOD) Trading Down 3.8% – Here’s What Happened

Modine Manufacturing Company (NYSE:MOD)’s stock price traded down 3.8% during trading on Monday . The company traded as low as $206.00 and last traded at $211.0830. 212,344 shares were traded during trading, a decline of 85% from the average session volume of 1,390,374 shares. The stock had previously closed at $219.32.

Analysts Set New Price Targets

A number of research firms recently weighed in on MOD. Glj Research initiated coverage on Modine Manufacturing in a research report on Monday, March 30th. They issued a “buy” rating and a $290.00 price target for the company. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday, February 22nd. DA Davidson reaffirmed a “buy” rating and set a $265.00 price target on shares of Modine Manufacturing in a research note on Tuesday, March 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. Finally, Oppenheimer increased their price objective on Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Modine Manufacturing presently has a consensus rating of “Buy” and a consensus target price of $234.33.

Modine Manufacturing Stock Down 2.0%

The company has a market cap of $11.34 billion, a price-to-earnings ratio of 119.31, a PEG ratio of 0.89 and a beta of 1.68. The business has a 50-day simple moving average of $207.22 and a two-hundred day simple moving average of $167.40. The company has a quick ratio of 1.28, a current ratio of 2.19 and a debt-to-equity ratio of 0.51.

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

Insider Activity

In related news, Director Suresh V. Garimella sold 1,100 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total value of $202,477.00. Following the transaction, the director directly owned 79,856 shares in the company, valued at approximately $14,699,093.92. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.48% of the company’s stock.

Institutional Trading of Modine Manufacturing

Several hedge funds have recently added to or reduced their stakes in MOD. Capital Research Global Investors bought a new stake in shares of Modine Manufacturing in the third quarter valued at approximately $184,610,000. Invesco Ltd. increased its holdings in shares of Modine Manufacturing by 120.4% during the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock worth $176,037,000 after purchasing an additional 720,389 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Modine Manufacturing by 31.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after buying an additional 560,131 shares during the last quarter. WT Asset Management Ltd bought a new stake in shares of Modine Manufacturing in the fourth quarter valued at about $69,255,000. Finally, Congress Asset Management Co. grew its position in Modine Manufacturing by 954.8% during the third quarter. Congress Asset Management Co. now owns 527,480 shares of the auto parts company’s stock worth $74,987,000 after buying an additional 477,473 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Company Profile

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.