Modine Manufacturing (NYSE:MOD) Stock Price Down 8%

Modine Manufacturing (NYSE:MOD) shares were down 8% on Tuesday . The stock traded as low as $110.76 and last traded at $111.78. Approximately 132,891 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 904,369 shares. The stock had previously closed at $121.55.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MOD shares. Oppenheimer boosted their target price on shares of Modine Manufacturing from $114.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. DA Davidson boosted their price objective on shares of Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. William Blair started coverage on shares of Modine Manufacturing in a research report on Monday, July 29th. They set an “outperform” rating for the company. Finally, B. Riley boosted their price objective on shares of Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $138.33.

Modine Manufacturing Stock Performance

The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of 35.08, a price-to-earnings-growth ratio of 0.93 and a beta of 2.27. The company’s 50-day simple moving average is $107.73 and its 200-day simple moving average is $98.70.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.18. The firm had revenue of $661.50 million for the quarter, compared to analyst estimates of $633.55 million. Modine Manufacturing had a net margin of 6.70% and a return on equity of 24.92%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 earnings per share. Analysts predict that Modine Manufacturing will post 3.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $3,775,056.00. Following the transaction, the director now directly owns 144,038 shares in the company, valued at approximately $15,806,730.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Modine Manufacturing

Several institutional investors and hedge funds have recently added to or reduced their stakes in MOD. Vanguard Group Inc. grew its position in 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 purchasing an additional 838,460 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of Modine Manufacturing during the 4th quarter valued at $35,414,000. Capital International Investors boosted its stake 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 valued at $135,726,000 after buying an additional 411,946 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Modine Manufacturing by 32.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,101,932 shares of the auto parts company’s stock valued at $110,403,000 after buying an additional 272,174 shares during the period. Finally, Emerald Advisers LLC acquired a new stake in shares of Modine Manufacturing during the 2nd quarter valued at $26,064,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

About Modine Manufacturing

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.