Modine Manufacturing (NYSE:MOD) Shares Gap Up – Here’s What Happened

Modine Manufacturing (NYSE:MOD)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $97.49, but opened at $101.36. Modine Manufacturing shares last traded at $94.65, with a volume of 227,487 shares traded.

Analysts Set New Price Targets

Separately, Oppenheimer increased their price target on shares of Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $146.67.

Modine Manufacturing Stock Down 4.0 %

The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 1.10 and a beta of 2.34. The business’s 50 day moving average price is $128.19 and its 200 day moving average price is $121.27. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.09 and a current ratio of 1.77.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The firm had revenue of $658.00 million for the quarter, compared to analyst estimates of $646.86 million. During the same quarter last year, the firm posted $0.89 EPS. The business’s revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that Modine Manufacturing will post 3.83 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. raised its holdings in shares of Modine Manufacturing by 4.9% during the 2nd quarter. Xponance Inc. now owns 3,270 shares of the auto parts company’s stock worth $328,000 after acquiring an additional 153 shares during the period. Marshall Wace LLP purchased a new position in shares of Modine Manufacturing during the 2nd quarter worth $411,000. Squarepoint Ops LLC raised its holdings in shares of Modine Manufacturing by 238.4% during the 2nd quarter. Squarepoint Ops LLC now owns 57,199 shares of the auto parts company’s stock worth $5,731,000 after acquiring an additional 40,298 shares during the period. Millennium Management LLC purchased a new position in shares of Modine Manufacturing during the 2nd quarter worth $7,391,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Modine Manufacturing by 3.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,143 shares of the auto parts company’s stock worth $3,120,000 after acquiring an additional 1,063 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.