Oppenheimer Forecasts Strong Price Appreciation for Modine Manufacturing (NYSE:MOD) Stock

Modine Manufacturing (NYSE:MOD - Free Report) had its target price upped by Oppenheimer from $121.00 to $122.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the auto parts company's stock.

MOD has been the topic of several other reports. DA Davidson reiterated a "buy" rating and set a $155.00 target price on shares of Modine Manufacturing in a research report on Monday, March 17th. KeyCorp initiated coverage on shares of Modine Manufacturing in a report on Thursday, June 12th. They set an "overweight" rating and a $125.00 price target on the stock. Finally, Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Modine Manufacturing currently has an average rating of "Buy" and an average target price of $135.50.

Modine Manufacturing Price Performance

Shares of NYSE MOD traded down $0.23 during mid-day trading on Tuesday, hitting $98.27. 1,216,230 shares of the stock traded hands, compared to its average volume of 946,030. The company has a market cap of $5.15 billion, a PE ratio of 28.73, a price-to-earnings-growth ratio of 0.64 and a beta of 2.04. Modine Manufacturing has a twelve month low of $64.79 and a twelve month high of $146.84. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.78 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $93.62 and a two-hundred day simple moving average of $96.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The firm had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same period last year, the company earned $0.77 earnings per share. The business's quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts forecast that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Modine Manufacturing by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 5,187,554 shares of the auto parts company's stock valued at $398,145,000 after purchasing an additional 128,587 shares during the last quarter. Wellington Management Group LLP raised its stake in Modine Manufacturing by 293.7% during the first quarter. Wellington Management Group LLP now owns 2,468,788 shares of the auto parts company's stock worth $189,479,000 after buying an additional 1,841,640 shares during the last quarter. Invesco Ltd. lifted its holdings in 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 lifted its holdings 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 valued at $166,937,000 after buying an additional 39,193 shares during the period. Finally, Wasatch Advisors LP boosted its position in Modine Manufacturing by 108.0% during the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after acquiring an additional 741,667 shares during the last quarter. Institutional investors own 95.23% of the company's stock.

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.