Modine Manufacturing (NYSE:MOD) Trading Up 9.8% on Earnings Beat

Modine Manufacturing (NYSE:MOD) shares shot up 9.8% 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. 172,610 shares were traded during mid-day trading, a decline of 81% from the average session 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 the consensus estimate of $0.86 by $0.18. The company 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%. Modine Manufacturing’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MOD. Vanguard Group Inc. boosted its position in shares of Modine Manufacturing by 27.3% during the 1st quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock worth $372,099,000 after acquiring an additional 838,460 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Modine Manufacturing during the 4th quarter worth about $35,414,000. Capital International Investors boosted its position in shares of Modine Manufacturing by 40.6% during the 1st quarter. Capital International Investors now owns 1,425,845 shares of the auto parts company’s stock worth $135,726,000 after acquiring an additional 411,946 shares in the last quarter. F M Investments LLC acquired a new position in shares of Modine Manufacturing during the 2nd quarter worth about $22,600,000. Finally, Axiom Investors LLC DE boosted its position in shares of Modine Manufacturing by 286.0% during the 4th quarter. Axiom Investors LLC DE now owns 281,690 shares of the auto parts company’s stock worth $16,817,000 after acquiring 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 50-day moving average price of $101.10 and a 200-day moving average price of $91.63. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 35.44, a PEG ratio of 0.81 and a beta of 2.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.98 and a current ratio of 1.64.

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.