Modine Manufacturing (NYSE:MOD) Stock Price Expected to Rise, Oppenheimer Analyst Says

Modine Manufacturing (NYSE:MOD - Free Report) had its target price hoisted by Oppenheimer from $114.00 to $121.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the auto parts company's stock.

Separately, DA Davidson reiterated a "buy" rating and issued a $155.00 target price on shares of Modine Manufacturing in a research note on Monday, March 17th.

Modine Manufacturing Stock Down 0.2%

Shares of NYSE MOD traded down $0.22 during trading on Thursday, hitting $90.13. The stock had a trading volume of 1,132,224 shares, compared to its average volume of 952,459. Modine Manufacturing has a 12 month low of $64.79 and a 12 month high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The company has a market capitalization of $4.74 billion, a PE ratio of 30.24, a PEG ratio of 0.71 and a beta of 2.08. The firm has a fifty day moving average of $85.23 and a two-hundred day moving average of $103.45.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The firm had revenue of $647.20 million during the quarter, compared to analyst estimates of $633.13 million. During the same quarter in the prior year, the business posted $0.77 EPS. The business's revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts forecast that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its board has authorized a stock buyback plan on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In related news, Director William A. Wulfsohn purchased 2,530 shares of Modine Manufacturing stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, the director now owns 7,277 shares in the company, valued at $578,012.11. This represents a 53.30% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Modine Manufacturing

Institutional investors have recently added to or reduced their stakes in the stock. Skandinaviska Enskilda Banken AB publ grew its position in Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after buying an additional 193 shares during the period. GAMMA Investing LLC lifted its holdings in Modine Manufacturing by 63.1% during the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock valued at $28,000 after purchasing an additional 142 shares during the last quarter. Versant Capital Management Inc lifted its holdings in 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 during the last quarter. Principal Securities Inc. lifted its holdings in Modine Manufacturing by 97.8% during the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after purchasing an additional 269 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in Modine Manufacturing during the first quarter valued at about $46,000. Institutional investors own 95.23% of the company's stock.

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.