Modine Manufacturing (NYSE:MOD) Shares Gap Up - Time to Buy?

Key Points

• Modine shares jumped at the open, rising from a prior close of $190.74 to $205.00 before trading around $201.41. The stock remains below its 50-day and 200-day moving averages, both near $234–$236.
• Analyst sentiment remains favorable, with seven Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $320.14, although several analysts recently lowered their targets or downgraded the stock.
• Modine exceeded quarterly earnings expectations, reporting $1.53 in EPS versus the $1.27 consensus estimate, while revenue increased 28% year over year to $874.1 million. However, insiders sold about $15.9 million of stock over the past 90 days, while institutional investors own 95.23% of shares.

Shares of Modine Manufacturing Company (NYSE:MOD - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $190.74, but opened at $205.00. Modine Manufacturing shares last traded at $201.41, with a volume of 471,061 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Oppenheimer upped their price objective on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Glj Research reaffirmed a "buy" rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. B. Riley Financial reiterated a "buy" rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Finally, KeyCorp cut their target price on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $320.14.

Modine Manufacturing Price Performance

The firm has a 50-day simple moving average of $233.94 and a 200-day simple moving average of $236.29. The firm has a market cap of $10.38 billion, a P/E ratio of 73.44, a PEG ratio of 0.64 and a beta of 1.71. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business's revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.95 EPS. As a group, analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the transaction, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. The trade was a 26.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, the insider directly owned 28,364 shares of the company's stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently bought and sold shares of MOD. Wellington Management Group LLP grew its holdings in Modine Manufacturing by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company's stock worth $384,415,000 after purchasing an additional 130,511 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Modine Manufacturing in the 2nd quarter worth $765,540,000. Price T Rowe Associates Inc. MD grew its stake in Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock worth $311,503,000 after buying an additional 560,131 shares during the last quarter. Wasatch Advisors LP grew its stake in Modine Manufacturing by 1.4% during the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company's stock worth $176,553,000 after buying an additional 23,955 shares during the last quarter. Finally, Capital Research Global Investors increased its position in Modine Manufacturing by 13.8% during the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company's stock valued at $197,358,000 after buying an additional 179,617 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source