Modine Manufacturing (NYSE:MOD) Earns Overweight Rating from Analysts at KeyCorp

Equities researchers at KeyCorp started coverage on shares of Modine Manufacturing (NYSE:MOD - Get Free Report) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm set an "overweight" rating and a $125.00 price target on the auto parts company's stock. KeyCorp's price objective would suggest a potential upside of 33.25% from the company's current price.

A number of other analysts also recently commented on the stock. Oppenheimer boosted their price target on shares of Modine Manufacturing from $114.00 to $121.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Wall Street Zen upgraded shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Finally, DA Davidson restated a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $135.25.

Modine Manufacturing Stock Performance

NYSE:MOD traded down $3.26 during mid-day trading on Thursday, hitting $93.81. The stock had a trading volume of 962,171 shares, compared to its average volume of 946,670. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of 31.48, a P/E/G ratio of 0.71 and a beta of 2.06. The company has a 50 day simple moving average of $88.38 and a 200-day simple moving average of $99.60. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.16. The firm had revenue of $647.20 million for the quarter, compared to the consensus estimate of $633.13 million. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. Modine Manufacturing's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.77 EPS. On average, research analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has initiated a stock buyback program on Friday, March 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Modine Manufacturing

Hedge funds and other institutional investors have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Modine Manufacturing by 567.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after purchasing an additional 193 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 in the last quarter. Versant Capital Management Inc raised its holdings in shares of Modine Manufacturing by 245.9% in the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock worth $32,000 after purchasing an additional 300 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of Modine Manufacturing by 97.8% in the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after purchasing an additional 269 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Modine Manufacturing in the 1st quarter worth approximately $46,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Company Profile

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.