Modine Manufacturing (NYSE:MOD) Stock Price Down 8.1% – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s share price dropped 8.1% on Friday . The stock traded as low as $262.01 and last traded at $260.8270. 1,143,384 shares were traded during trading, a decline of 12% from the average session volume of 1,300,750 shares. The stock had previously closed at $283.67.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. DA Davidson reissued a “buy” rating and set a $330.00 price target on shares of Modine Manufacturing in a report on Monday. UBS Group upped their price objective on shares of Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Weiss Ratings raised shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. KeyCorp boosted their price target on shares of Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. Finally, Zacks Research lowered shares of Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $327.14.

Modine Manufacturing Stock Performance

The company’s 50-day moving average price is $269.92 and its two-hundred day moving average price is $213.56. The company has a market cap of $13.51 billion, a P/E ratio of 113.23, a price-to-earnings-growth ratio of 0.89 and a beta of 1.65. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD) last released its 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. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The business had revenue of $954.40 million for the quarter, compared to the consensus estimate of $920.67 million. During the same period in the previous year, the firm earned $1.12 EPS. The business’s revenue for the quarter was up 47.5% on a year-over-year basis. As a group, equities analysts forecast that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the transaction, the director owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the sale, the vice president owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This trade represents a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 54,302 shares of company stock worth $15,928,759. 2.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Modine Manufacturing

Several hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing in the 1st quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in Modine Manufacturing during the fourth quarter valued at about $25,000. Spire Wealth Management purchased a new stake in Modine Manufacturing during the fourth quarter valued at about $27,000. Sunbelt Securities Inc. acquired a new position in shares of Modine Manufacturing in the third quarter worth about $39,000. Finally, Danske Bank A S acquired a new position in shares of Modine Manufacturing in the third quarter worth about $43,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

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.