Modine Manufacturing (NYSE:MOD) Stock Price Down 3.2% – Here’s Why

Shares of Modine Manufacturing Company (NYSE:MOD) dropped 3.2% on Monday . The company traded as low as $234.01 and last traded at $234.01. 71,001 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,344,517 shares. The stock had previously closed at $241.79.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Glj Research reissued a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a research note on Monday, June 1st. Zacks Research cut shares of Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. DA Davidson restated a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. B. Riley Financial raised their target price on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Finally, Oppenheimer lifted their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

Modine Manufacturing Price Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. The firm has a fifty day moving average of $262.07 and a two-hundred day moving average of $228.23. The stock has a market capitalization of $12.10 billion, a P/E ratio of 101.87, a P/E/G ratio of 0.78 and a beta of 1.67.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company had revenue of $954.40 million during the quarter, compared to analyst estimates of $920.67 million. During the same period in the prior year, the firm earned $1.12 earnings per share. The firm’s revenue for the quarter was up 47.5% compared to the same quarter last year. On average, analysts predict that Modine Manufacturing Company will post 7.72 EPS for the current year.

Insider Transactions at Modine Manufacturing

In other news, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president owned 66,343 shares in the company, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 1.92% of the company’s stock.

Institutional Trading of Modine Manufacturing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC bought a new position in shares of Modine Manufacturing in the 1st quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Modine Manufacturing during the 4th quarter worth $25,000. Spire Wealth Management bought a new stake in Modine Manufacturing during the fourth quarter valued at about $27,000. Sunbelt Securities Inc. purchased a new position in Modine Manufacturing in the third quarter valued at about $39,000. Finally, Danske Bank A S bought a new position in Modine Manufacturing in the third quarter worth about $43,000. Institutional investors own 95.23% of the company’s stock.

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.