Modine Manufacturing (NYSE:MOD) Sees Large Growth in Short Interest

Modine Manufacturing (NYSE:MOD) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,560,000 shares, an increase of 20.3% from the August 15th total of 2,960,000 shares. Based on an average daily trading volume, of 787,300 shares, the short-interest ratio is currently 4.5 days. Approximately 6.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Modine Manufacturing Stock Up 0.2 %

Shares of NYSE MOD traded up $0.26 during mid-day trading on Friday, hitting $111.07. The company had a trading volume of 504,619 shares, compared to its average volume of 900,232. The company has a market capitalization of $5.82 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 0.83 and a beta of 2.22. The business’s 50-day simple moving average is $107.64 and its 200 day simple moving average is $99.75. Modine Manufacturing has a 1-year low of $38.50 and a 1-year high of $123.92. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.80 and a quick ratio of 1.11.

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, beating analysts’ consensus estimates of $0.86 by $0.18. The company had revenue of $661.50 million for the quarter, compared to analyst estimates of $633.55 million. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. Modine Manufacturing’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.85 EPS. On average, analysts predict that Modine Manufacturing will post 3.85 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MOD. Principal Securities Inc. acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at $29,000. Strid Group LLC purchased a new stake in Modine Manufacturing during the first quarter worth approximately $33,000. Acadian Asset Management LLC acquired a new position in Modine Manufacturing in the first quarter valued at approximately $37,000. Opal Wealth Advisors LLC acquired a new stake in Modine Manufacturing during the second quarter worth approximately $51,000. Finally, West Oak Capital LLC lifted its position in shares of Modine Manufacturing by 300.0% during the 2nd quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock worth $60,000 after buying an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

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.