Modine Manufacturing (NYSE:MOD) Stock Rated "Outperform" in New Coverage at Robert W. Baird

Key Points

• Robert W. Baird initiated coverage of Modine Manufacturing with an “outperform” rating and a $300 price target, implying 63.85% upside from the stock’s previous close.
• Analyst sentiment is broadly positive: eight analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and an average target of $309.50.
• Modine recently exceeded quarterly earnings expectations, reporting $1.53 in EPS versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million; institutional investors own 95.23% of the shares.

Robert W. Baird began coverage on shares of Modine Manufacturing (NYSE:MOD - Get Free Report) in a research note issued on Tuesday, Benzinga reports. The firm set an "outperform" rating and a $300.00 price target on the auto parts company's stock. Robert W. Baird's target price points to a potential upside of 63.85% from the stock's previous close.

A number of other brokerages also recently issued reports on MOD. B. Riley Financial restated a "buy" rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Oppenheimer cut their price objective on shares of Modine Manufacturing from $300.00 to $260.00 and set an "outperform" rating on the stock in a research report on Friday. Weiss Ratings restated a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. DA Davidson reaffirmed a "buy" rating and set a $330.00 price target on shares of Modine Manufacturing in a research note on Tuesday, September 29th. Finally, KeyCorp reiterated an "overweight" rating and set a $280.00 price target on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $309.50.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $183.10 on Tuesday. Modine Manufacturing has a 52-week low of $111.18 and a 52-week high of $323.25. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. The firm's fifty day moving average is $191.07 and its 200 day moving average is $230.71. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 68.83, a PEG ratio of 0.58 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. During the same quarter last year, the firm earned $0.95 EPS. The firm's revenue for the quarter was up 28.0% compared to the same quarter last year. Sell-side analysts forecast that Modine Manufacturing will post 7.65 EPS for the current fiscal year.

Institutional Trading of Modine Manufacturing

Large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Modine Manufacturing during the 2nd quarter valued at about $765,540,000. Paradigm Capital Management Inc. NY bought a new position in shares of Modine Manufacturing during the second quarter valued at approximately $388,140,000. Janus Henderson Group PLC boosted its stake in shares of Modine Manufacturing by 2,249.9% during the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock valued at $113,459,000 after purchasing an additional 501,229 shares in the last quarter. Jupiter Topco LLC purchased a new position in Modine Manufacturing during the second quarter valued at approximately $123,873,000. Finally, Blue Whale Capital LLP purchased a new position in Modine Manufacturing during the second quarter valued at approximately $123,747,000. 95.23% of the stock is 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 technologies for controlling and transferring heat. Founded in 1916 and headquartered in Racine, Wisconsin, Modine serves customers in the automotive, commercial and industrial, data center, HVAC, refrigeration, and other specialized markets.

The company's products and systems include heat exchangers, cooling modules, coils, radiators, condensers, fans, thermal management systems, and related components.

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