Oppenheimer Forecasts Strong Price Appreciation for Modine Manufacturing (NYSE:MOD) Stock

Modine Manufacturing (NYSE:MOD) had its price target lifted by investment analysts at Oppenheimer from $220.00 to $240.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the auto parts company’s stock. Oppenheimer’s price objective suggests a potential upside of 11.21% from the company’s current price.

MOD has been the subject of several other research reports. KeyCorp increased their price objective on shares of Modine Manufacturing from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Tuesday, October 14th. DA Davidson reissued a “buy” rating and set a $200.00 price objective on shares of Modine Manufacturing in a report on Thursday, January 29th. Zacks Research upgraded Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Monday, December 29th. Finally, UBS Group started coverage on Modine Manufacturing in a research note on Thursday, November 20th. They issued a “buy” rating and a $173.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Modine Manufacturing has a consensus rating of “Buy” and a consensus price target of $197.00.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $215.80 on Friday. Modine Manufacturing has a twelve month low of $64.79 and a twelve month high of $220.42. The company has a quick ratio of 1.16, a current ratio of 2.00 and a debt-to-equity ratio of 0.50. The stock’s 50-day simple moving average is $148.62 and its 200 day simple moving average is $145.16. The firm has a market capitalization of $11.36 billion, a PE ratio of 119.89, a price-to-earnings-growth ratio of 1.37 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.99 by $0.20. Modine Manufacturing had a return on equity of 23.74% and a net margin of 3.40%.The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $763.54 million. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The business’s quarterly revenue was up 30.5% on a year-over-year basis. On average, analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Insider Activity at Modine Manufacturing

In related news, Director Suresh V. Garimella sold 1,100 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the transaction, the director directly owned 79,856 shares of the company’s stock, valued at $14,699,093.92. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil David Brinker sold 31,871 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $160.56, for a total transaction of $5,117,207.76. Following the completion of the sale, the chief executive officer owned 238,312 shares of the company’s stock, valued at $38,263,374.72. The trade was a 11.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 34,071 shares of company stock worth $5,484,685. Insiders own 2.48% of the company’s stock.

Institutional Trading of Modine Manufacturing

Several large investors have recently made changes to their positions in MOD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Modine Manufacturing by 26.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock worth $2,857,000 after acquiring an additional 7,831 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Modine Manufacturing by 24.6% in the 2nd quarter. Janney Montgomery Scott LLC now owns 12,430 shares of the auto parts company’s stock worth $1,224,000 after purchasing an additional 2,454 shares in the last quarter. Truist Financial Corp grew its position in Modine Manufacturing by 12.7% in the 2nd quarter. Truist Financial Corp now owns 10,194 shares of the auto parts company’s stock valued at $1,004,000 after purchasing an additional 1,147 shares during the period. KLP Kapitalforvaltning AS increased its stake in Modine Manufacturing by 7.9% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,900 shares of the auto parts company’s stock valued at $1,074,000 after purchasing an additional 800 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in Modine Manufacturing during the 2nd quarter valued at $1,097,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Company Profile

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.