Modine Manufacturing (NYSE:MOD) Shares Gap Up – Here’s What Happened

Modine Manufacturing (NYSE:MOD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $97.49, but opened at $101.36. Modine Manufacturing shares last traded at $94.65, with a volume of 227,487 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer boosted their target price on shares of Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Modine Manufacturing presently has an average rating of “Moderate Buy” and an average price target of $146.67.

Modine Manufacturing Price Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.77 and a quick ratio of 1.09. The firm has a fifty day moving average of $128.19 and a two-hundred day moving average of $121.27. The stock has a market capitalization of $4.91 billion, a P/E ratio of 30.67, a P/E/G ratio of 1.10 and a beta of 2.34.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. The firm had revenue of $658.00 million during the quarter, compared to the consensus estimate of $646.86 million. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. On average, analysts predict that Modine Manufacturing will post 3.83 EPS for the current year.

Hedge Funds Weigh In On Modine Manufacturing

A number of large investors have recently added to or reduced their stakes in MOD. Private Trust Co. NA raised its holdings in Modine Manufacturing by 650.5% in the third quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock worth $103,000 after purchasing an additional 670 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Modine Manufacturing by 90.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company’s stock valued at $137,000 after purchasing an additional 491 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock valued at $157,000 after purchasing an additional 82 shares during the last quarter. KBC Group NV raised its position in shares of Modine Manufacturing by 47.8% in the 3rd quarter. KBC Group NV now owns 1,456 shares of the auto parts company’s stock valued at $193,000 after purchasing an additional 471 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Modine Manufacturing in the 3rd quarter valued at approximately $196,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Company Profile

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.