Modine Manufacturing (NYSE:MOD) Shares Up 6.5% - Time to Buy?

Key Points

• Modine Manufacturing shares rose 6.5% to $203.52, though trading volume was 94% below the average session volume.
• Analysts maintain a broadly positive outlook, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $320.14.
• The company beat quarterly EPS estimates, reporting $1.53 versus $1.27 expected, while revenue increased 28% year over year to $874.1 million; however, insiders sold more than $15.9 million of stock over the past 90 days.

Modine Manufacturing Company (NYSE:MOD - Get Free Report) rose 6.5% during trading on Tuesday . The stock traded as high as $201.21 and last traded at $203.52. 81,007 shares changed hands during trading, a decline of 94% from the average session volume of 1,395,396 shares. The stock had previously closed at $191.01.

Analyst Upgrades and Downgrades

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

Modine Manufacturing Stock Up 4.9%

The stock has a market capitalization of $10.64 billion, a P/E ratio of 75.31, a P/E/G ratio of 0.64 and a beta of 1.71. The company's 50-day moving average price is $246.98 and its 200 day moving average price is $233.65. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. During the same quarter in the prior year, the business posted $0.95 EPS. Modine Manufacturing's revenue for the quarter was up 28.0% compared to the same quarter last year. As a group, equities analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Insider Activity at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares of the company's stock, valued at approximately $12,219,669. The trade was a 26.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the company's stock in a transaction on Thursday, June 18th. The stock was 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 of the company's stock, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Modine Manufacturing by 26.6% during the 1st 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 in the last quarter. California Public Employees Retirement System boosted its position in shares of Modine Manufacturing by 8.3% during the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company's stock valued at $6,767,000 after acquiring an additional 5,244 shares during the last quarter. State Street Corp boosted its position in shares of Modine Manufacturing by 4.2% during the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company's stock valued at $128,985,000 after acquiring an additional 53,351 shares during the last quarter. Qube Research & Technologies Ltd grew 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 valued at $15,890,000 after purchasing an additional 83,105 shares in the last quarter. Finally, Sei Investments Co. increased its position in Modine Manufacturing by 70.8% in the second quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company's stock worth $30,501,000 after purchasing an additional 128,348 shares during the last quarter. 95.23% of the stock is currently 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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