Modine Manufacturing (NYSE:MOD) Stock Jumps 5.6% - Here's Why

Key Points

• Modine Manufacturing shares jumped 5.6% to about $184.88 during Tuesday trading, despite volume running 84% below the stock’s average daily level.
• Analyst sentiment remains broadly positive: seven analysts rate the stock a Buy and two rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $320.14.
• The company beat quarterly earnings expectations, reporting $1.53 in EPS versus $1.27 expected, while revenue rose 28% year over year to $874.1 million. Institutional investors own 95.23% of the company’s shares.

Modine Manufacturing Company (NYSE:MOD - Get Free Report) shot up 5.6% during trading on Tuesday. The company traded as high as $183.50 and last traded at $184.8820. 226,475 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 1,380,205 shares. The stock had previously closed at $175.04.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. KeyCorp restated an "overweight" rating and set a $280.00 price objective on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. Glj Research reissued a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. Wall Street Zen lowered shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. DA Davidson restated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Tuesday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Stock Up 4.5%

The firm has a 50-day simple moving average of $197.01 and a 200 day simple moving average of $231.09. The company has a market capitalization of $9.72 billion, a PE ratio of 69.15, a price-to-earnings-growth ratio of 0.65 and a beta of 1.74. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to analysts' expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.Modine Manufacturing's quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. On average, research analysts predict that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds have recently bought and sold shares of MOD. BlackRock Inc. acquired a new position in shares of Modine Manufacturing in the 2nd quarter valued at approximately $765,540,000. Capital Research Global Investors grew its position in shares of Modine Manufacturing by 13.8% during the fourth quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company's stock worth $197,358,000 after buying an additional 179,617 shares in the last quarter. Paradigm Capital Management Inc. NY acquired a new stake in shares of Modine Manufacturing during the second quarter worth approximately $388,140,000. Janus Henderson Group PLC increased its stake in shares of Modine Manufacturing by 2,249.9% in the first 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. Finally, Jupiter Topco LLC bought a new stake in shares of Modine Manufacturing in the second quarter worth $123,873,000. Institutional investors and hedge funds own 95.23% of the company's stock.

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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