KeyCorp Reaffirms Overweight Rating for Modine Manufacturing (NYSE:MOD)

Modine Manufacturing (NYSE:MOD)‘s stock had its “overweight” rating reiterated by research analysts at KeyCorp in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $280.00 price objective on the auto parts company’s stock. KeyCorp’s price objective points to a potential upside of 54.80% from the stock’s current price.

A number of other research firms also recently commented on MOD. Glj Research reiterated a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. UBS Group raised their price objective on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Finally, DA Davidson reaffirmed a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $320.14.

Modine Manufacturing Trading Up 1.4%

Shares of NYSE:MOD opened at $180.88 on Wednesday. The company has a 50 day moving average of $217.80 and a 200-day moving average of $234.97. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The firm has a market cap of $9.61 billion, a P/E ratio of 68.00, a P/E/G ratio of 0.58 and a beta of 1.74. Modine Manufacturing has a twelve month low of $111.18 and a twelve month high of $323.25.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm’s revenue for the quarter was up 28.0% compared to the same quarter last year. As a group, analysts anticipate that Modine Manufacturing will post 7.65 earnings per share for the current fiscal year.

Insider Activity

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the business’s stock in a transaction on 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 sale, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. The trade was a 26.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,302 shares of company stock worth $15,928,759 over the last 90 days. 1.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On Modine Manufacturing

Large investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its stake in Modine Manufacturing by 26,352.0% in the 2nd quarter. California State Teachers Retirement System now owns 15,536,826 shares of the auto parts company’s stock valued at $4,148,643,000 after buying an additional 15,478,090 shares during the period. BlackRock Inc. purchased a new stake in shares of Modine Manufacturing during the second quarter worth $765,540,000. Paradigm Capital Management Inc. NY acquired a new stake in Modine Manufacturing during the second quarter valued at $388,140,000. Invesco Ltd. grew its stake in Modine Manufacturing by 120.4% in the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after purchasing an additional 720,389 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after purchasing an additional 560,131 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

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.