Modine Manufacturing (NYSE:MOD) Shares Gap Down – What’s Next?

Shares of Modine Manufacturing Company (NYSE:MOD) gapped down prior to trading on Monday . The stock had previously closed at $255.99, but opened at $246.30. Modine Manufacturing shares last traded at $255.2950, with a volume of 199,309 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Oppenheimer increased their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. UBS Group upped their price target on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. KeyCorp increased their price objective on Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. B. Riley Financial boosted their target price on Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Finally, Glj Research restated a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Modine Manufacturing currently has an average rating of “Moderate Buy” and an average price target of $327.14.

Modine Manufacturing Price Performance

The company has a market cap of $13.50 billion, a PE ratio of 114.72, a PEG ratio of 0.83 and a beta of 1.65. The firm’s 50-day moving average is $270.27 and its 200-day moving average is $214.28. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The business had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. During the same period in the previous year, the firm posted $1.12 EPS. The business’s revenue was up 47.5% on a year-over-year basis. On average, equities analysts anticipate that Modine Manufacturing Company will post 7.73 EPS for the current year.

Insider Activity at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the sale, the insider directly owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the transaction, the vice president owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,302 shares of company stock worth $15,928,759 over the last ninety days. 2.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently bought and sold shares of MOD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Modine Manufacturing by 26.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock worth $2,857,000 after buying an additional 7,831 shares during the last quarter. California Public Employees Retirement System increased its holdings in shares of Modine Manufacturing by 8.3% during the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock valued at $6,767,000 after acquiring an additional 5,244 shares in the last quarter. State Street Corp boosted its stake in Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock worth $128,985,000 after purchasing an additional 53,351 shares in the last quarter. Qube Research & Technologies Ltd grew its position in Modine Manufacturing by 106.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after purchasing an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Modine Manufacturing by 70.8% during the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock valued at $30,501,000 after purchasing an additional 128,348 shares in the last quarter. Hedge funds and other institutional investors 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.