Modine Manufacturing (NYSE:MOD) Shares Down 3.2% - Here's Why

Key Points

• Modine Manufacturing shares fell 3.2% to $234.01 in mid-day trading, with volume down 95% from the average session.
• Analyst sentiment remains positive overall: seven analysts rate the stock a Buy and two a Hold, producing a “Moderate Buy” consensus and an average price target of $327.14.
• The company exceeded quarterly expectations, reporting adjusted earnings of $1.71 per share versus $1.51 expected and revenue of $954.4 million, up 47.5% year over year; however, insiders sold $15.9 million of shares over the past three months.

Shares of Modine Manufacturing Company (NYSE:MOD - Get Free Report) fell 3.2% during mid-day trading on Monday . The stock traded as low as $234.01 and last traded at $234.01. 71,001 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,344,517 shares. The stock had previously closed at $241.79.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MOD shares. Wall Street Zen downgraded Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday. B. Riley Financial upped their price objective on Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. KeyCorp increased their target price on Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research report on Wednesday, May 27th. DA Davidson reissued a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Finally, Glj Research restated a "buy" rating and issued a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $327.14.

Modine Manufacturing Trading Down 5.8%

The company has a market cap of $12.10 billion, a PE ratio of 101.87, a price-to-earnings-growth ratio of 0.78 and a beta of 1.67. 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 company has a 50-day moving average of $262.07 and a 200 day moving average of $228.23.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million for the quarter, compared to analysts' expectations of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm's revenue for the quarter was up 47.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 earnings per share. Analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current year.

Insider Buying and Selling

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. This represents a 26.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 over the last three months. 1.92% of the stock is owned by insiders.

Institutional Trading of Modine Manufacturing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MOD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Modine Manufacturing by 26.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company's stock valued at $2,857,000 after buying an additional 7,831 shares during the period. California Public Employees Retirement System raised its holdings in shares of Modine Manufacturing by 8.3% in the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company's stock worth $6,767,000 after buying an additional 5,244 shares during the period. State Street Corp raised its holdings in shares of Modine Manufacturing by 4.2% in the second quarter. State Street Corp now owns 1,309,488 shares of the auto parts company's stock worth $128,985,000 after buying an additional 53,351 shares during the period. Qube Research & Technologies Ltd raised its holdings in shares of Modine Manufacturing by 106.3% in the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company's stock worth $15,890,000 after buying an additional 83,105 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Modine Manufacturing by 70.8% during the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company's stock worth $30,501,000 after acquiring an additional 128,348 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Company Profile

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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