Modine Manufacturing (NYSE:MOD) Stock Price Down 6.1% – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s stock price fell 6.1% during mid-day trading on Wednesday . The company traded as low as $264.41 and last traded at $261.1250. 244,975 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,288,316 shares. The stock had previously closed at $278.18.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MOD. Roth Mkm began coverage on shares of Modine Manufacturing in a research report on Wednesday, February 18th. They issued a “buy” rating and a $263.00 target price on the stock. Glj Research restated a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. Oppenheimer raised their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. UBS Group raised their target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Modine Manufacturing currently has an average rating of “Moderate Buy” and a consensus target price of $327.14.

Modine Manufacturing Trading Down 6.9%

The company has a market cap of $13.68 billion, a price-to-earnings ratio of 115.36, a price-to-earnings-growth ratio of 0.89 and a beta of 1.65. The business’s fifty day moving average price is $256.98 and its 200 day moving average price is $202.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. The company had revenue of $954.40 million for the quarter, compared to analyst estimates of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. Modine Manufacturing’s revenue was up 47.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.12 earnings per share. Research analysts anticipate that Modine Manufacturing Company will post 7.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Modine Manufacturing

Hedge funds have recently bought and sold shares of the company. Perigon Wealth Management LLC raised its stake in Modine Manufacturing by 583.1% during the fourth quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock worth $2,025,000 after buying an additional 12,950 shares during the last quarter. Wisconsin Capital Management LLC raised its holdings in shares of Modine Manufacturing by 227.9% during the third quarter. Wisconsin Capital Management LLC now owns 23,071 shares of the auto parts company’s stock valued at $3,280,000 after purchasing an additional 16,034 shares during the period. Congress Asset Management Co. raised its holdings in shares of Modine Manufacturing by 7.8% during the fourth quarter. Congress Asset Management Co. now owns 568,853 shares of the auto parts company’s stock valued at $75,948,000 after purchasing an additional 41,373 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Modine Manufacturing by 12.4% during the third quarter. Oppenheimer Asset Management Inc. now owns 48,189 shares of the auto parts company’s stock valued at $6,851,000 after purchasing an additional 5,319 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Modine Manufacturing by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 1,171,497 shares of the auto parts company’s stock valued at $166,540,000 after purchasing an additional 151,543 shares during the period. Institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.