Modine Manufacturing (NYSE:MOD) Stock Price Down 10.2% – Here’s Why

Modine Manufacturing Company (NYSE:MOD)’s share price traded down 10.2% on Monday. The company traded as low as $189.11 and last traded at $177.9310. Approximately 204,787 shares were traded during trading, a decline of 85% from the average session volume of 1,370,293 shares. The stock had previously closed at $198.07.

Wall Street Analyst Weigh In

MOD has been the topic of several recent research reports. Glj Research reiterated a “buy” rating and issued a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. KeyCorp reissued an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Finally, DA Davidson reiterated a “buy” rating and set a $330.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 22nd. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Stock Down 10.2%

The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $198.07 and a 200-day moving average price of $231.28. The firm has a market cap of $9.45 billion, a P/E ratio of 66.84, a P/E/G ratio of 0.65 and a beta of 1.74.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. The business had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The company’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. On average, equities analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new position in Modine Manufacturing during the 2nd quarter valued at approximately $4,478,000. Lazard Asset Management LLC acquired a new position in Modine Manufacturing in the first quarter valued at approximately $1,722,000. Robinhood Asset Management LLC purchased a new stake in Modine Manufacturing during the second quarter worth $8,848,000. Ranger Investment Management L.P. purchased a new stake in shares of Modine Manufacturing during the 1st quarter worth about $15,557,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Modine Manufacturing by 253.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock valued at $68,230,000 after purchasing an additional 219,373 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.