Modine Manufacturing (NYSE:MOD) Shares Gap Up on Strong Earnings

Key Points

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Modine Manufacturing Company (NYSE:MOD - Get Free Report)'s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $113.62, but opened at $125.00. Modine Manufacturing shares last traded at $135.63, with a volume of 998,170 shares trading hands.

The auto parts company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Modine Manufacturing had a net margin of 7.21% and a return on equity of 24.82%. The company had revenue of $682.80 million for the quarter, compared to the consensus estimate of $653.80 million. During the same period in the previous year, the business earned $1.04 EPS. The company's revenue was up 3.2% on a year-over-year basis.

Wall Street Analysts Forecast Growth

MOD has been the topic of several research analyst reports. KeyCorp boosted their price target on shares of Modine Manufacturing from $125.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday. Oppenheimer boosted their price target on shares of Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a report on Tuesday, July 1st. Finally, Wall Street Zen cut shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday.

Insiders Place Their Bets

In other Modine Manufacturing news, EVP Michael B. Lucareli sold 5,778 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $115.00, for a total transaction of $664,470.00. Following the completion of the transaction, the executive vice president owned 121,142 shares of the company's stock, valued at $13,931,330. The trade was a 4.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian Jon Agen sold 47,939 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the transaction, the vice president directly owned 90,015 shares of the company's stock, valued at approximately $9,946,657.50. This represents a 34.75% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.48% of the company's stock.

Institutional Investors Weigh In On Modine Manufacturing

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Modine Manufacturing by 2.5% in the first quarter. Vanguard Group Inc. now owns 5,187,554 shares of the auto parts company's stock valued at $398,145,000 after buying an additional 128,587 shares during the period. Wellington Management Group LLP lifted its stake in shares of Modine Manufacturing by 293.7% in the first quarter. Wellington Management Group LLP now owns 2,468,788 shares of the auto parts company's stock valued at $189,479,000 after buying an additional 1,841,640 shares during the period. Invesco Ltd. lifted its stake in shares of Modine Manufacturing by 1.0% in the fourth quarter. Invesco Ltd. now owns 2,012,533 shares of the auto parts company's stock valued at $233,313,000 after buying an additional 20,085 shares during the period. Driehaus Capital Management LLC raised its position in Modine Manufacturing by 2.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,439,980 shares of the auto parts company's stock worth $166,937,000 after purchasing an additional 39,193 shares in the last quarter. Finally, Wasatch Advisors LP raised its position in Modine Manufacturing by 108.0% in the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock worth $165,596,000 after purchasing an additional 741,667 shares in the last quarter. Institutional investors own 95.23% of the company's stock.

Modine Manufacturing Price Performance

The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 38.18, a price-to-earnings-growth ratio of 0.88 and a beta of 2.12. The company's 50-day moving average is $98.25 and its 200-day moving average is $93.61. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.32.

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.