Modine Manufacturing (NYSE:MOD) Shares Down 10.2% - What's Next?

Key Points

• Modine Manufacturing shares fell 10.2% to approximately $177.93, trading well below the 50-day average of $198.07 and the 200-day average of $231.28.
• Analysts remain broadly positive, with seven Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $320.14.
• The company’s latest quarter showed adjusted strength: earnings of $1.53 per share beat estimates by $0.26, while revenue rose 28% year over year to $874.1 million, slightly below expectations.

Modine Manufacturing Company (NYSE:MOD - Get Free Report) dropped 10.2% on Monday. The company traded as low as $189.11 and last traded at $177.9310. Approximately 204,787 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 1,370,293 shares. The stock had previously closed at $198.07.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MOD shares. Weiss Ratings restated a "hold (c)" rating on shares of Modine Manufacturing in a research note on Tuesday, August 25th. KeyCorp reissued an "overweight" rating and issued a $280.00 target price on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Glj Research reissued a "buy" rating and issued a $428.00 price target on shares of Modine Manufacturing in a research note on Monday, June 1st. Finally, DA Davidson reiterated a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $320.14.

Modine Manufacturing Stock Performance

The company's 50-day moving average price is $198.07 and its two-hundred day moving average price is $231.28. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. The stock has a market cap of $9.45 billion, a PE ratio of 66.84, a PEG ratio of 0.65 and a beta of 1.74.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating 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 company had revenue of $874.10 million for the quarter, compared to analysts' expectations of $878.69 million. During the same period last year, the firm posted $0.95 EPS. Modine Manufacturing's revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities research analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current year.

Institutional Trading of Modine Manufacturing

A number of institutional investors have recently modified their holdings of MOD. BlackRock Inc. bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth approximately $765,540,000. Paradigm Capital Management Inc. NY bought a new stake in Modine Manufacturing during the second quarter worth about $388,140,000. Janus Henderson Group PLC grew its stake in shares of Modine Manufacturing by 2,249.9% in the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock worth $113,459,000 after buying an additional 501,229 shares during the last quarter. Jupiter Topco LLC bought a new position in shares of Modine Manufacturing during the second quarter valued at $123,873,000. Finally, Blue Whale Capital LLP purchased a new position in Modine Manufacturing in the second quarter worth about $123,747,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

About Modine Manufacturing

Modine Manufacturing Company NYSE: MOD is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.

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