Modine Manufacturing (NYSE:MOD) Receives Buy Rating from DA Davidson

DA Davidson reiterated their buy rating on shares of Modine Manufacturing (NYSE:MOD) in a report issued on Tuesday morning,Benzinga reports. DA Davidson currently has a $265.00 target price on the auto parts company’s stock.

Several other analysts have also issued reports on the company. Roth Mkm started coverage on Modine Manufacturing in a research note on Wednesday, February 18th. They issued a “buy” rating and a $263.00 price objective on the stock. Glj Research started coverage on Modine Manufacturing in a research note on Monday. They set a “buy” rating and a $290.00 target price for the company. Zacks Research raised Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a report on Friday, January 30th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Modine Manufacturing has an average rating of “Buy” and an average target price of $234.33.

Modine Manufacturing Stock Up 7.1%

Modine Manufacturing stock opened at $216.47 on Tuesday. The firm has a market capitalization of $11.41 billion, a PE ratio of 120.26, a P/E/G ratio of 1.23 and a beta of 1.67. The company’s 50-day moving average is $202.74 and its 200-day moving average is $165.97. Modine Manufacturing has a fifty-two week low of $64.79 and a fifty-two week high of $243.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.19 and a quick ratio of 1.28.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. Modine Manufacturing had a net margin of 3.40% and a return on equity of 22.99%. The company had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $763.54 million. During the same period in the prior year, the firm earned $0.92 EPS. Modine Manufacturing’s quarterly revenue was up 30.5% compared to the same quarter last year. Sell-side analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

Insider Transactions at Modine Manufacturing

In other news, Director Suresh V. Garimella sold 1,100 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total transaction of $202,477.00. Following the completion of the sale, the director owned 79,856 shares in the company, valued at $14,699,093.92. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.48% of the stock is owned by company insiders.

Institutional Trading of Modine Manufacturing

Several hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Modine Manufacturing by 13.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 84,616 shares of the auto parts company’s stock valued at $12,512,000 after acquiring an additional 9,989 shares during the period. Schear Investment Advisers LLC acquired a new position in shares of Modine Manufacturing in the second quarter valued at about $1,547,000. Principal Financial Group Inc. increased its position in Modine Manufacturing by 0.9% during the third quarter. Principal Financial Group Inc. now owns 749,845 shares of the auto parts company’s stock worth $106,598,000 after acquiring an additional 6,847 shares during the period. Y Intercept Hong Kong Ltd increased its position in Modine Manufacturing by 390.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 16,861 shares of the auto parts company’s stock worth $2,397,000 after acquiring an additional 13,424 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its stake in Modine Manufacturing by 12.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 48,189 shares of the auto parts company’s stock worth $6,851,000 after purchasing an additional 5,319 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

About Modine Manufacturing

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.