Modine Manufacturing (NYSE:MOD) Stock Price Up 9.8% After Better-Than-Expected Earnings

Shares of Modine Manufacturing (NYSE:MOD) were up 9.8% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $109.57 and last traded at $108.59. Approximately 172,610 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 929,359 shares. The stock had previously closed at $98.92.

The auto parts company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.18. The business had revenue of $661.50 million during the quarter, compared to the consensus estimate of $633.55 million. Modine Manufacturing had a return on equity of 24.69% and a net margin of 6.71%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.85 earnings per share.

Analyst Ratings Changes

MOD has been the subject of several analyst reports. William Blair initiated coverage on Modine Manufacturing in a research report on Monday. They set an “outperform” rating for the company. B. Riley reiterated a “buy” rating and set a $125.00 price objective on shares of Modine Manufacturing in a research report on Thursday, June 27th. Oppenheimer boosted their price objective on Modine Manufacturing from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Finally, DA Davidson boosted their price objective on Modine Manufacturing from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.33.

Hedge Funds Weigh In On Modine Manufacturing

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Modine Manufacturing by 27.3% in the first quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock valued at $372,099,000 after buying an additional 838,460 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of Modine Manufacturing during the fourth quarter worth approximately $35,414,000. Capital International Investors increased its holdings in shares of Modine Manufacturing by 40.6% during the first quarter. Capital International Investors now owns 1,425,845 shares of the auto parts company’s stock worth $135,726,000 after buying an additional 411,946 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Modine Manufacturing during the second quarter worth approximately $22,600,000. Finally, Axiom Investors LLC DE increased its holdings in shares of Modine Manufacturing by 286.0% during the fourth quarter. Axiom Investors LLC DE now owns 281,690 shares of the auto parts company’s stock worth $16,817,000 after buying an additional 208,715 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 7.4 %

The company has a market cap of $5.57 billion, a price-to-earnings ratio of 35.44, a price-to-earnings-growth ratio of 0.81 and a beta of 2.27. The company’s fifty day moving average price is $101.10 and its two-hundred day moving average price is $91.63. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.