Modine Manufacturing (NYSE:MOD) Sets New 12-Month Low Following Weak Earnings

Key Points

• Modine shares hit a new 52-week low, falling from a previous close of $125.45 to an intraday low of $99.61 after the earnings announcement.
• Quarterly EPS was $1.35, below the $1.45 consensus estimate, though revenue of $994.4 million beat expectations and increased 34.6% year over year.
• Analysts’ average rating remains “Moderate Buy,” with an average price target of $297.33; several firms recently lowered their targets.

Modine Manufacturing Company (NYSE:MOD - Get Free Report)'s stock price reached a new 52-week low on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $99.61 and last traded at $98.6350, with a volume of 1,478,923 shares trading hands. The stock had previously closed at $125.45.

The auto parts company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.10). Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%. The business had revenue of $994.40 million during the quarter, compared to the consensus estimate of $978.31 million. During the same quarter in the prior year, the firm posted $0.83 EPS. The company's revenue for the quarter was up 34.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MOD. Oppenheimer reduced their price objective on shares of Modine Manufacturing from $300.00 to $260.00 and set an "outperform" rating on the stock in a research report on Friday, October 2nd. B. Riley Financial decreased their price objective on Modine Manufacturing from $305.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, October 29th. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Weiss Ratings reissued a "hold (c)" rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Finally, DA Davidson reissued a "buy" rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $297.33.

Hedge Funds Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MOD. V Square Quantitative Management LLC acquired a new stake in shares of Modine Manufacturing in the first quarter worth approximately $25,000. Rakuten Securities Inc. purchased a new position in Modine Manufacturing during the second quarter worth about $40,000. PenderFund Capital Management Ltd. purchased a new stake in shares of Modine Manufacturing during the 2nd quarter valued at approximately $42,000. Vega Investment Solutions acquired a new position in shares of Modine Manufacturing in the 2nd quarter valued at $52,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Modine Manufacturing in the second quarter valued at about $55,000. Hedge funds and other institutional investors own 95.23% of the company's stock.

Modine Manufacturing Price Performance

The stock's 50-day moving average is $171.81 and its two-hundred day moving average is $214.76. The stock has a market cap of $5.20 billion, a PE ratio of 36.81, a PEG ratio of 0.44 and a beta of 1.86. 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 Company Profile

Modine Manufacturing Company NYSE: MOD is a diversified thermal management company that develops and manufactures solutions for managing heat in vehicles, equipment, buildings and industrial systems. Its products are designed to improve efficiency, reliability and performance across a range of applications.

The company serves the automotive, commercial vehicle, off-highway, power generation, data center, heating, ventilation, air conditioning and refrigeration markets. Its offerings include heat exchangers, radiators, charge air coolers, battery and power electronics cooling systems, liquid-cooling equipment, coils and other thermal management components and systems.

Founded in 1916 by Arthur B.

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