Oppenheimer Issues Pessimistic Forecast for Modine Manufacturing (NYSE:MOD) Stock Price

Key Points

• Oppenheimer cut Modine Manufacturing’s price target from $300 to $260 while maintaining an “outperform” rating, implying 46.53% upside from the stock’s current price.
• Modine shares fell 6.2% to $177.44, well below the analyst consensus price target of $310.86. Despite the decline, seven analysts rate the stock a Buy and two rate it a Hold.
• The company 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 outstanding shares.

Modine Manufacturing (NYSE:MOD - Get Free Report) had its price target cut by analysts at Oppenheimer from $300.00 to $260.00 in a report issued on Friday, Benzinga reports. The firm presently has an "outperform" rating on the auto parts company's stock. Oppenheimer's price target indicates a potential upside of 46.53% from the stock's current price.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen downgraded Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. KeyCorp reiterated an "overweight" rating and issued a $280.00 target price on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. DA Davidson reissued a "buy" rating and set a $330.00 price target on shares of Modine Manufacturing in a research report on Tuesday. Finally, B. Riley Financial reissued a "buy" rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $310.86.

Modine Manufacturing Stock Down 6.2%

NYSE MOD traded down $11.77 during trading hours on Friday, hitting $177.44. The company's stock had a trading volume of 738,834 shares, compared to its average volume of 1,384,277. Modine Manufacturing has a 52 week low of $111.18 and a 52 week high of $323.25. The company has a market capitalization of $9.42 billion, a PE ratio of 66.90, a price-to-earnings-growth ratio of 0.61 and a beta of 1.71. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The company's 50-day simple moving average is $193.29 and its two-hundred day simple moving average is $230.94.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping 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 firm had revenue of $874.10 million during 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 company's revenue for the quarter was up 28.0% on a year-over-year basis. Research analysts anticipate that Modine Manufacturing will post 7.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Modine Manufacturing

Hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new stake in shares of Modine Manufacturing during the 1st quarter worth approximately $25,000. Rakuten Securities Inc. purchased a new position in Modine Manufacturing in the second quarter valued at approximately $40,000. PenderFund Capital Management Ltd. purchased a new position in Modine Manufacturing in the second quarter valued at approximately $42,000. Vega Investment Solutions bought a new position in Modine Manufacturing during the second quarter valued at $52,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Modine Manufacturing in the second quarter worth $55,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Company Profile

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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