Modine Manufacturing (NYSE:MOD) Sets New 12-Month High at $35.54

Posted by on Jul 14th, 2023

Modine Manufacturing (NYSE:MOD – Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $35.54 and last traded at $35.17, with a volume of 178029 shares trading hands. The stock had previously closed at $32.97.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MOD. CJS Securities began coverage on shares of Modine Manufacturing in a research report on Tuesday, June 13th. They set an “outperform” rating on the stock. StockNews.com began coverage on shares of Modine Manufacturing in a research report on Thursday, May 18th. They set a “strong-buy” rating on the stock. DA Davidson boosted their price objective on shares of Modine Manufacturing from $38.00 to $43.00 in a research report on Friday, June 23rd. Finally, B. Riley initiated coverage on shares of Modine Manufacturing in a research report on Tuesday, June 6th. They set a “buy” rating and a $40.00 price objective on the stock. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $38.33.

Modine Manufacturing Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $1.91 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.60 and a beta of 2.26. The company’s 50-day simple moving average is $28.48 and its 200 day simple moving average is $24.51.

Modine Manufacturing (NYSE:MOD – Get Free Report) last issued its quarterly earnings data on Thursday, May 25th. The auto parts company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.19. Modine Manufacturing had a net margin of 6.66% and a return on equity of 20.75%. The business had revenue of $618.10 million during the quarter, compared to analysts’ expectations of $583.70 million. During the same period in the previous year, the company earned $0.57 earnings per share. Modine Manufacturing’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, sell-side analysts expect that Modine Manufacturing will post 2.35 earnings per share for the current fiscal year.

Insider Activity at Modine Manufacturing

In related news, Director Larry Oscar Moore sold 17,742 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $31.58, for a total transaction of $560,292.36. Following the completion of the transaction, the director now directly owns 57,773 shares in the company, valued at approximately $1,824,471.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Larry Oscar Moore sold 17,742 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $31.58, for a total value of $560,292.36. Following the completion of the transaction, the director now owns 57,773 shares in the company, valued at approximately $1,824,471.34. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael B. Lucareli sold 15,255 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $30.13, for a total transaction of $459,633.15. Following the completion of the transaction, the chief financial officer now owns 299,604 shares of the company’s stock, valued at approximately $9,027,068.52. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

Institutional Investors Weigh In On Modine Manufacturing

Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in Modine Manufacturing by 966.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the auto parts company’s stock worth $29,000 after acquiring an additional 1,334 shares during the last quarter. TCI Wealth Advisors Inc. acquired a new stake in Modine Manufacturing during the 4th quarter worth approximately $30,000. Point72 Middle East FZE acquired a new stake in Modine Manufacturing during the 4th quarter worth approximately $31,000. Quantbot Technologies LP raised its holdings in Modine Manufacturing by 123.5% during the 1st quarter. Quantbot Technologies LP now owns 3,800 shares of the auto parts company’s stock worth $34,000 after buying an additional 2,100 shares during the period. Finally, Dorsey Wright & Associates acquired a new stake in Modine Manufacturing during the 4th quarter worth approximately $38,000. Institutional investors own 90.11% of the company’s stock.

About Modine Manufacturing

(Get Free Report)

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.

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