Modine Manufacturing (NYSE:MOD) Shares Gap Up After Strong Earnings

Modine Manufacturing (NYSE:MOD)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $98.51, but opened at $104.00. Modine Manufacturing shares last traded at $102.13, with a volume of 64,729 shares traded.

The auto parts company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%.

Analyst Upgrades and Downgrades

Separately, Oppenheimer boosted their target price on shares of Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st.

Institutional Trading of Modine Manufacturing

A number of hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in shares of Modine Manufacturing by 90.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company’s stock worth $137,000 after purchasing an additional 491 shares in the last quarter. Legend Financial Advisors Inc. increased its stake in Modine Manufacturing by 2.9% in the 4th quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock valued at $1,151,000 after purchasing an additional 279 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Modine Manufacturing by 58.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 69,839 shares of the auto parts company’s stock valued at $9,274,000 after acquiring an additional 25,648 shares during the last quarter. Campbell Newman Asset Management Inc. lifted its holdings in shares of Modine Manufacturing by 38.9% in the fourth quarter. Campbell Newman Asset Management Inc. now owns 24,249 shares of the auto parts company’s stock valued at $2,811,000 after purchasing an additional 6,786 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Modine Manufacturing by 20.1% during the 3rd quarter. Victory Capital Management Inc. now owns 157,200 shares of the auto parts company’s stock worth $20,875,000 after purchasing an additional 26,348 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 7.8 %

The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 0.41. The stock has a market cap of $5.57 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 0.78 and a beta of 2.31. The business has a 50 day moving average of $123.43 and a 200-day moving average of $120.80.

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.