Modine Manufacturing (NYSE:MOD) Hits New 12-Month High After Analyst Upgrade

Modine Manufacturing (NYSE:MOD)’s share price reached a new 52-week high during mid-day trading on Wednesday after DA Davidson raised their price target on the stock from $140.00 to $155.00. DA Davidson currently has a buy rating on the stock. Modine Manufacturing traded as high as $135.64 and last traded at $134.84, with a volume of 43804 shares trading hands. The stock had previously closed at $133.69.

MOD has been the subject of several other research reports. Oppenheimer reiterated an “outperform” rating and set a $135.00 price target on shares of Modine Manufacturing in a report on Thursday, September 12th. William Blair assumed coverage on shares of Modine Manufacturing in a research report on Monday, July 29th. They set an “outperform” rating on the stock. Finally, B. Riley upped their price objective on shares of Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $143.33.

Insider Activity

In related news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $109.74, for a total value of $3,775,056.00. Following the completion of the sale, the director now owns 144,038 shares of the company’s stock, valued at approximately $15,806,730.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MOD. Sanctuary Advisors LLC bought a new position in shares of Modine Manufacturing in the second quarter valued at approximately $1,382,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Modine Manufacturing during the 2nd quarter valued at $1,475,000. Cetera Investment Advisers increased its holdings in shares of Modine Manufacturing by 33.2% in the second quarter. Cetera Investment Advisers now owns 25,856 shares of the auto parts company’s stock worth $2,591,000 after purchasing an additional 6,451 shares during the period. Truist Financial Corp raised its position in shares of Modine Manufacturing by 12.0% in the second quarter. Truist Financial Corp now owns 34,457 shares of the auto parts company’s stock worth $3,452,000 after buying an additional 3,683 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Modine Manufacturing during the second quarter valued at $492,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

The company has a 50-day moving average of $109.64 and a 200 day moving average of $101.50. The firm has a market capitalization of $7.15 billion, a PE ratio of 44.12, a PEG ratio of 0.97 and a beta of 2.22. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.51.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.18. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. The company had revenue of $661.50 million during the quarter, compared to the consensus estimate of $633.55 million. During the same quarter in the previous year, the company posted $0.85 EPS. Modine Manufacturing’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts predict that Modine Manufacturing will post 3.85 EPS for the current year.

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.