Modine Manufacturing (NYSE:MOD) Rating Increased to Buy at Wall Street Zen

Modine Manufacturing (NYSE:MOD - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Other analysts have also issued research reports about the stock. DA Davidson reaffirmed a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Oppenheimer lifted their price target on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research report on Thursday, May 22nd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Modine Manufacturing presently has an average rating of "Buy" and an average price target of $138.67.

Modine Manufacturing Stock Performance

Shares of MOD opened at $93.55 on Friday. Modine Manufacturing has a 12 month low of $64.79 and a 12 month high of $146.84. The stock has a fifty day moving average price of $86.47 and a 200-day moving average price of $101.16. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.90 billion, a PE ratio of 31.39, a P/E/G ratio of 0.71 and a beta of 2.06.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. The company 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 24.25% and a net margin of 6.31%. The firm's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Modine Manufacturing

A number of institutional investors have recently made changes to their positions in MOD. Northwestern Mutual Wealth Management Co. grew its holdings in Modine Manufacturing by 5.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,006 shares of the auto parts company's stock valued at $154,000 after buying an additional 105 shares during the period. IFP Advisors Inc boosted its position in shares of Modine Manufacturing by 14.2% in the first quarter. IFP Advisors Inc now owns 911 shares of the auto parts company's stock worth $70,000 after acquiring an additional 113 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Modine Manufacturing by 0.8% in the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after acquiring an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Modine Manufacturing by 8.2% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after purchasing an additional 136 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Modine Manufacturing by 63.1% in 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 period. 95.23% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.