Modine Manufacturing (NYSE:MOD) Releases Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Modine Manufacturing (NYSE:MOD) released its quarterly earnings results on Wednesday. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.34 by $0.19, Zacks reports. The firm had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%.

Modine Manufacturing Stock Performance

MOD traded down $30.21 during trading on Wednesday, hitting $177.85. 4,753,326 shares of the stock were exchanged, compared to its average volume of 1,378,476. The firm has a market capitalization of $9.45 billion, a P/E ratio of 79.40, a PEG ratio of 0.75 and a beta of 1.67. Modine Manufacturing has a 1-year low of $108.32 and a 1-year high of $323.25. The stock has a fifty day moving average price of $261.03 and a two-hundred day moving average price of $229.56. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MOD. KeyCorp lifted their price objective on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. B. Riley Financial boosted their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. UBS Group increased their price objective on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Oppenheimer increased their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Modine Manufacturing presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.14.

Insider Buying and Selling

In other news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares in the company, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 in the last 90 days. Company insiders own 1.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 valued at $2,857,000 after purchasing an additional 7,831 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Modine Manufacturing by 8.3% during the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock worth $6,767,000 after purchasing an additional 5,244 shares during the last quarter. State Street Corp lifted its stake in Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after buying an additional 53,351 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in Modine Manufacturing by 106.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after buying an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Modine Manufacturing by 70.8% during the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock valued at $30,501,000 after buying an additional 128,348 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

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.