Modine Manufacturing (NYSE:MOD) Price Target Raised to $121.00

Modine Manufacturing (NYSE:MOD) had its price objective increased by Oppenheimer from $114.00 to $121.00 in a report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the auto parts company’s stock.

Separately, DA Davidson reaffirmed a “buy” rating and set a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $90.13 on Thursday. The firm has a 50 day moving average of $85.23 and a 200-day moving average of $103.45. Modine Manufacturing has a 12 month low of $64.79 and a 12 month high of $146.84. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $4.74 billion, a PE ratio of 30.24, a PEG ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The company had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same quarter in the prior year, the firm posted $0.77 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities research analysts predict that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its Board of Directors has approved a stock buyback plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $79.43 per share, with a total value of $200,957.90. Following the purchase, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This trade represents a 53.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Modine Manufacturing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock valued at $27,000 after acquiring an additional 193 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Modine Manufacturing by 63.1% during the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company’s stock valued at $28,000 after acquiring an additional 142 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Modine Manufacturing by 245.9% during the first quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company’s stock valued at $32,000 after acquiring an additional 300 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Modine Manufacturing by 97.8% during the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after acquiring an additional 269 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of Modine Manufacturing during the first quarter valued at $46,000. 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.