Investors Buy High Volume of Call Options on Modine Manufacturing (NYSE:MOD)

Key Points

• Modine Manufacturing (NYSE:MOD) experienced a significant increase in call options trading, with 3,685 call options bought, reflecting a 232% rise compared to its average volume of 1,111.
• Institutional investments in Modine Manufacturing have surged, with GAMMA Investing LLC increasing its stake by 63.1% and First Horizon Advisors raising theirs by 442.4% in the first quarter.
• Analysts have a positive outlook on Modine, with an average rating of "Buy" and a target price of $135.50, indicating anticipated growth.
• Modine reported a 7.2% increase in quarterly revenue year-over-year, achieving earnings per share of $1.12, surpassing estimates of $0.96.

Modine Manufacturing Company (NYSE:MOD - Get Free Report) saw unusually large options trading on Friday. Stock investors acquired 3,685 call options on the company. This is an increase of 232% compared to the average volume of 1,111 call options.

Hedge Funds Weigh In On Modine Manufacturing

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in Modine Manufacturing by 63.1% in the 1st quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after purchasing an additional 142 shares during the period. Versant Capital Management Inc boosted its position in shares of Modine Manufacturing by 245.9% during the first quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Modine Manufacturing during the first quarter valued at $46,000. First Horizon Advisors Inc. raised its stake in Modine Manufacturing by 442.4% during the first quarter. First Horizon Advisors Inc. now owns 640 shares of the auto parts company's stock valued at $49,000 after buying an additional 522 shares during the last quarter. Finally, Maseco LLP purchased a new position in Modine Manufacturing during the second quarter valued at $51,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. KeyCorp assumed coverage on Modine Manufacturing in a research report on Thursday, June 12th. They set an "overweight" rating and a $125.00 target price on the stock. Wall Street Zen raised Modine Manufacturing from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Finally, Oppenheimer upped their target price on Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $135.50.

Modine Manufacturing Stock Up 2.3%

NYSE MOD traded up $2.30 on Friday, reaching $100.17. The company had a trading volume of 270,565 shares, compared to its average volume of 1,180,081. The stock has a market capitalization of $5.26 billion, a P/E ratio of 29.29, a P/E/G ratio of 0.64 and a beta of 2.04. The company's fifty day moving average is $95.93 and its 200 day moving average is $93.77. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.16. The business had revenue of $647.20 million during the quarter, compared to analyst estimates of $633.13 million. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. Modine Manufacturing's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 EPS. Sell-side analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.

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