Modine Manufacturing (NYSE:MOD) Trading Down 6.6% – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s stock price dropped 6.6% during trading on Wednesday . The stock traded as low as $286.00 and last traded at $276.3420. Approximately 636,807 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 1,276,523 shares. The stock had previously closed at $295.88.

Analysts Set New Price Targets

MOD has been the subject of several research analyst reports. Oppenheimer raised their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday. Wall Street Zen cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Sunday, February 22nd. DA Davidson set a $330.00 target price on shares of Modine Manufacturing in a research report on Friday. Glj Research initiated coverage on shares of Modine Manufacturing in a research report on Monday, March 30th. They issued a “buy” rating and a $290.00 target price for the company. Finally, 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. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $307.43.

Modine Manufacturing Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 2.19 and a quick ratio of 1.28. The firm’s 50 day moving average is $244.86 and its 200 day moving average is $194.54. The firm has a market cap of $14.55 billion, a P/E ratio of 123.23, a price-to-earnings-growth ratio of 1.14 and a beta of 1.66.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a net margin of 3.82% and a return on equity of 25.15%. The business had revenue of $954.40 million for the quarter, compared to analyst estimates of $920.67 million. During the same quarter in the previous year, the firm posted $1.12 earnings per share. Modine Manufacturing’s quarterly revenue was up 47.5% on a year-over-year basis. As a group, analysts anticipate that Modine Manufacturing Company will post 7.23 earnings per share for the current year.

Institutional Investors Weigh In On Modine Manufacturing

Several hedge funds have recently bought and sold shares of MOD. V Square Quantitative Management LLC bought a new stake in Modine Manufacturing during the first quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new position in Modine Manufacturing in the fourth quarter worth about $25,000. Spire Wealth Management purchased a new position in Modine Manufacturing in the fourth quarter worth about $27,000. Sunbelt Securities Inc. purchased a new position in Modine Manufacturing in the third quarter worth about $39,000. Finally, Danske Bank A S purchased a new position in Modine Manufacturing in the third quarter worth about $43,000. Institutional investors 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.