Modine Manufacturing (NYSE:MOD) Shares Up 7.5% on Better-Than-Expected Earnings

Modine Manufacturing (NYSE:MOD – Get Rating)’s share price shot up 7.5% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $26.35 and last traded at $26.25. 145,701 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 417,476 shares. The stock had previously closed at $24.42.

The auto parts company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.19. Modine Manufacturing had a return on equity of 22.23% and a net margin of 6.66%. The company had revenue of $618.10 million during the quarter, compared to the consensus estimate of $583.70 million. During the same period in the previous year, the company posted $0.57 EPS. Modine Manufacturing’s revenue was up 7.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MOD shares. DA Davidson boosted their price objective on Modine Manufacturing from $35.00 to $38.00 in a research report on Friday. StockNews.com assumed coverage on Modine Manufacturing in a report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $35.00.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 3,248 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $22.37, for a total value of $72,657.76. Following the completion of the sale, the vice president now owns 110,329 shares in the company, valued at $2,468,059.73. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Modine Manufacturing

Several large investors have recently modified their holdings of the stock. Swiss National Bank raised its position in Modine Manufacturing by 2.6% in the fourth quarter. Swiss National Bank now owns 113,000 shares of the auto parts company’s stock worth $2,244,000 after acquiring an additional 2,900 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in Modine Manufacturing in the fourth quarter valued at $219,000. Thoroughbred Financial Services LLC acquired a new stake in Modine Manufacturing in the fourth quarter valued at $299,000. Frontier Capital Management Co. LLC grew its holdings in Modine Manufacturing by 16.6% in the third quarter. Frontier Capital Management Co. LLC now owns 4,028,253 shares of the auto parts company’s stock valued at $52,126,000 after purchasing an additional 573,397 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new stake in Modine Manufacturing in the third quarter valued at $382,000. Hedge funds and other institutional investors own 89.09% of the company’s stock.

Modine Manufacturing Price Performance

The company has a quick ratio of 1.06, a current ratio of 1.73 and a debt-to-equity ratio of 0.72. The company has a market cap of $1.40 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 0.33 and a beta of 2.25. The company has a fifty day simple moving average of $21.29 and a two-hundred day simple moving average of $21.82.

About Modine Manufacturing

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Modine Manufacturing Co engages in provision of thermal management solutions. It operates through the following segments: Heavy-Duty Equipment(HDE), Automotive, Commercial and Industrial Solutions (CIS), and Building HVAC Systems (BHVAC). The HDE segment provides powertrain and engine cooling products, including, but not limited to, radiators, charge air coolers, condensers, oil coolers, EGR coolers, fuel coolers, electronics cooling packages, and battery thermal management systems to OEMs in the commercial vehicle, off-highway, and automotive and light vehicle markets in North America, South America, Europe, and Asia.