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

Modine Manufacturing (NYSE:MOD) shares gapped up before the market opened on Friday . The stock had previously closed at $79.40, but opened at $81.79. Modine Manufacturing shares last traded at $80.98, with a volume of 313,177 shares traded.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer increased their price objective on Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, October 31st.

Modine Manufacturing Price Performance

The firm has a market capitalization of $4.45 billion, a PE ratio of 28.39, a P/E/G ratio of 0.71 and a beta of 2.31. The firm’s fifty day moving average price is $109.87 and its 200 day moving average price is $119.19. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. As a group, equities analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current year.

Institutional Investors Weigh In On Modine Manufacturing

Several hedge funds have recently bought and sold shares of MOD. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at approximately $12,674,000. Jefferies Financial Group Inc. acquired a new stake in Modine Manufacturing during the fourth quarter valued at $2,290,000. Invst LLC increased its holdings in Modine Manufacturing by 4.1% in the fourth quarter. Invst LLC now owns 8,583 shares of the auto parts company’s stock valued at $995,000 after buying an additional 338 shares in the last quarter. Palisades Investment Partners LLC raised its position in shares of Modine Manufacturing by 10.6% in the fourth quarter. Palisades Investment Partners LLC now owns 112,147 shares of the auto parts company’s stock worth $13,001,000 after acquiring an additional 10,775 shares during the period. Finally, Castleark Management LLC raised its position in shares of Modine Manufacturing by 9.0% in the fourth quarter. Castleark Management LLC now owns 72,550 shares of the auto parts company’s stock worth $8,411,000 after acquiring an additional 6,010 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

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.