Shares of Modine Manufacturing Company (NYSE:MOD – Get Free Report) fell 8.1% on Friday . The company traded as low as $262.01 and last traded at $260.8270. 1,143,384 shares changed hands 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
Several brokerages have recently weighed in on MOD. Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. KeyCorp increased their price objective on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Glj Research reaffirmed a “buy” rating and set a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. Finally, Zacks Research downgraded 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 issued a Hold rating to the company’s stock. According to MarketBeat, Modine Manufacturing presently has an average rating of “Moderate Buy” and a consensus target price of $327.14.
View Our Latest Research Report on MOD
Modine Manufacturing Price Performance
Modine Manufacturing (NYSE:MOD – Get Free Report) last posted 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. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The business had revenue of $954.40 million during the quarter, compared to the consensus estimate of $920.67 million. During the same period last year, the firm earned $1.12 earnings per share. The company’s revenue for the quarter was up 47.5% compared to the same quarter last year. As a group, sell-side analysts expect that Modine Manufacturing Company will post 7.73 earnings per share for the current year.
Insider Activity
In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares of the company’s stock, valued at $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. 2.48% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Modine Manufacturing
Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Research Global Investors bought a new position in Modine Manufacturing during the 3rd quarter worth $184,610,000. Invesco Ltd. increased its holdings in shares of Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock worth $176,037,000 after acquiring an additional 720,389 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after purchasing an additional 560,131 shares during the last quarter. WT Asset Management Ltd acquired a new position in Modine Manufacturing during the 4th quarter valued at about $69,255,000. Finally, Janus Henderson Group PLC grew its position in Modine Manufacturing by 2,249.9% in the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after purchasing an additional 501,229 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.
Modine Manufacturing Company Profile
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.
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