Modine Manufacturing (NYSE:MOD) Issues Earnings Results

Key Points

• Modine Manufacturing reported quarterly EPS of $1.53, exceeding analysts’ $1.34 estimate by $0.19. Revenue totaled $874.1 million, slightly below the $878.69 million consensus.
• The stock fell $30.21 to $177.85 during Wednesday trading, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $327.14.
• Insiders sold 54,302 shares worth approximately $15.9 million over the past three months, including a 10b5-1 plan sale by a vice president; institutional investors own 95.23% of the company.

Modine Manufacturing (NYSE:MOD - Get Free Report) announced its quarterly earnings results on Wednesday. The auto parts company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.19, Zacks reports. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm had revenue of $874.10 million for the quarter, compared to analysts' expectations of $878.69 million.

Modine Manufacturing Price Performance

NYSE MOD traded down $30.21 during trading hours on Wednesday, reaching $177.85. 4,740,422 shares of the stock traded hands, compared to its average volume of 1,378,167. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. The stock has a 50 day simple moving average of $261.03 and a two-hundred day simple moving average of $229.56. Modine Manufacturing has a 1 year low of $108.32 and a 1 year high of $323.25. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 79.40, a price-to-earnings-growth ratio of 0.75 and a beta of 1.67.

Analyst Ratings Changes

Several equities analysts recently commented on MOD shares. DA Davidson reaffirmed a "buy" rating and set a $330.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 22nd. B. Riley Financial increased their target price on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday. Zacks Research lowered shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Finally, KeyCorp upped their price target on shares of Modine Manufacturing from $250.00 to $370.00 and gave the stock an "overweight" rating in a report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Modine Manufacturing presently has an average rating of "Moderate Buy" and a consensus target price of $327.14.

Insider Transactions at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the transaction, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brian Jon Agen sold 38,282 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Kemnay Advisory Services Inc. bought a new position in shares of Modine Manufacturing during the 4th quarter valued at $25,000. Sunbelt Securities Inc. bought a new position in shares of Modine Manufacturing during the third quarter valued at about $39,000. Danske Bank A S bought a new position in shares of Modine Manufacturing during the third quarter valued at about $43,000. Smartleaf Asset Management LLC increased its holdings in shares of Modine Manufacturing by 58.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 439 shares of the auto parts company's stock worth $59,000 after buying an additional 162 shares during the period. Finally, Johnson Financial Group Inc. purchased a new position in shares of Modine Manufacturing in the third quarter worth about $75,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

About Modine Manufacturing

Modine Manufacturing Company NYSE: MOD is a 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.

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