Modine Manufacturing (NYSE:MOD) Shares Gap Up Following Strong Earnings

Modine Manufacturing (NYSE:MOD)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $98.51, but opened at $104.00. Modine Manufacturing shares last traded at $102.13, with a volume of 64,729 shares.

The auto parts company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%.

Analyst Ratings Changes

Separately, Oppenheimer upped their price objective on shares of Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st.

Hedge Funds Weigh In On Modine Manufacturing

A number of large investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Modine Manufacturing during the 4th quarter worth about $1,962,000. Oppenheimer & Co. Inc. increased its holdings in Modine Manufacturing by 21.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 49,892 shares of the auto parts company’s stock worth $5,784,000 after purchasing an additional 8,823 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Modine Manufacturing by 65.8% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 22,530 shares of the auto parts company’s stock worth $2,612,000 after purchasing an additional 8,945 shares in the last quarter. Illinois Municipal Retirement Fund bought a new position in Modine Manufacturing during the 4th quarter worth about $612,000. Finally, Rothschild Investment LLC increased its holdings in Modine Manufacturing by 34.4% during the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock worth $199,000 after purchasing an additional 440 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

The stock has a fifty day simple moving average of $123.43 and a 200-day simple moving average of $120.80. The stock has a market cap of $5.36 billion, a P/E ratio of 33.49, a PEG ratio of 0.78 and a beta of 2.31. 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 Company Profile

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.