Modine Manufacturing (NYSE:MOD) Shares Gap Up - Here's What Happened

Key Points

• Modine Manufacturing shares opened higher, rising from a prior close of $136.51 to $143.01 before last trading around $140.15, up approximately 2.3%.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $305.67; recent targets range from $260 to $330.
• The company reported quarterly EPS of $1.53, beating estimates of $1.27, while revenue increased 28% year over year to $874.1 million. Institutional investors and hedge funds own approximately 95.23% of the stock.

Modine Manufacturing Company (NYSE:MOD - Get Free Report) gapped up before the market opened on Wednesday. The stock had previously closed at $136.51, but opened at $143.01. Modine Manufacturing shares last traded at $140.1530, with a volume of 180,971 shares trading hands.

Wall Street Analyst Weigh In

MOD has been the topic of several recent analyst reports. DA Davidson reissued a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a report on Tuesday. Cantor Fitzgerald initiated coverage on Modine Manufacturing in a research note on Tuesday, October 20th. They set an "overweight" rating and a $275.00 price target for the company. Wall Street Zen cut Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Oppenheimer lowered their price target on Modine Manufacturing from $300.00 to $260.00 and set an "outperform" rating on the stock in a research report on Friday, October 2nd. Finally, Robert W. Baird initiated coverage on Modine Manufacturing in a research note on Tuesday, October 6th. They issued an "outperform" rating and a $300.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $305.67.

Modine Manufacturing Trading Up 2.3%

The business's fifty day moving average is $178.02 and its 200 day moving average is $214.58. The firm has a market capitalization of $7.42 billion, a P/E ratio of 52.41 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. The business had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. The firm's revenue for the quarter was up 28.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. As a group, sell-side analysts predict that Modine Manufacturing Company will post 7.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Modine Manufacturing

A number of institutional investors and hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in shares of Modine Manufacturing in the 1st quarter valued at $25,000. Rakuten Securities Inc. acquired a new position in shares of Modine Manufacturing in the second quarter worth about $40,000. PenderFund Capital Management Ltd. acquired a new position in shares of Modine Manufacturing in the second quarter worth about $42,000. Vega Investment Solutions acquired a new position in shares of Modine Manufacturing in the second quarter worth about $52,000. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Modine Manufacturing in the second quarter worth approximately $55,000. 95.23% of the stock is owned by institutional investors and hedge funds.

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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