Modine Manufacturing (NYSE:MOD) Price Target Raised to $121.00

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

Separately, DA Davidson reissued a "buy" rating and set a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday, March 17th.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock traded up $1.63 on Thursday, reaching $91.44. The stock had a trading volume of 462,290 shares, compared to its average volume of 1,279,516. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The business's 50-day moving average price is $85.27 and its two-hundred day moving average price is $103.02. The stock has a market cap of $4.79 billion, a P/E ratio of 30.69, a price-to-earnings-growth ratio of 0.71 and a beta of 2.08. Modine Manufacturing has a fifty-two week low of $64.79 and a fifty-two week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 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 for the quarter, compared to the consensus estimate of $633.13 million. During the same quarter last year, the firm posted $0.77 EPS. The business's quarterly revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts forecast that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its board has approved 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 purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Modine Manufacturing

Several large investors have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Modine Manufacturing by 567.6% during 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 lifted its position in Modine Manufacturing by 63.1% in the first 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 stake 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 worth $32,000 after buying an additional 300 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Modine Manufacturing in the 1st quarter valued at $46,000. Finally, First Horizon Advisors Inc. increased its holdings in Modine Manufacturing by 442.4% in the 1st 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 period. Institutional investors and hedge funds 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.