Robert W. Baird Initiates Coverage on Modine Manufacturing (NYSE:MOD)

Equities research analysts at Robert W. Baird assumed coverage on shares of Modine Manufacturing (NYSE:MOD) in a research note issued on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $300.00 price target on the auto parts company’s stock. Robert W. Baird’s price target indicates a potential upside of 58.30% from the stock’s previous close.

MOD has been the topic of a number of other reports. KeyCorp restated an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. DA Davidson reiterated a “buy” rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research note on Tuesday, September 29th. Wall Street Zen cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Oppenheimer dropped their target price on Modine Manufacturing from $300.00 to $260.00 and set an “outperform” rating on the stock in a research report on Friday, October 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $309.50.

Modine Manufacturing Trading Down 0.2%

Shares of Modine Manufacturing stock opened at $189.51 on Tuesday. The stock has a market capitalization of $10.06 billion, a P/E ratio of 71.24, a P/E/G ratio of 0.62 and a beta of 1.71. Modine Manufacturing has a 52-week low of $111.18 and a 52-week high of $323.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. The stock’s 50-day simple moving average is $190.92 and its 200 day simple moving average is $230.55.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The firm 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% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. As a group, research analysts anticipate that Modine Manufacturing will post 7.68 EPS for the current year.

Institutional Trading of Modine Manufacturing

Several institutional investors and hedge funds have recently bought and sold shares of the company. Optiver Holding B.V. increased its holdings in Modine Manufacturing by 19.7% in the 1st quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock worth $51,000 after acquiring an additional 39 shares in the last quarter. Arizona State Retirement System raised its holdings in Modine Manufacturing by 0.4% in the 2nd quarter. Arizona State Retirement System now owns 13,823 shares of the auto parts company’s stock valued at $3,691,000 after acquiring an additional 52 shares during the last quarter. World Investment Advisors increased its holdings in shares of Modine Manufacturing by 4.1% in the first quarter. World Investment Advisors now owns 1,643 shares of the auto parts company’s stock valued at $356,000 after purchasing an additional 65 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Modine Manufacturing by 6.1% during the first quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company’s stock worth $386,000 after buying an additional 103 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Modine Manufacturing during the 1st quarter worth $25,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Modine Manufacturing

Here are the key news stories impacting Modine Manufacturing this week:

• Positive Sentiment: Robert W. Baird upgraded Modine to “Strong Buy” and initiated coverage with an “Outperform” rating and a $300 price target. The target implies substantial upside from recent levels and reflects confidence in Modine’s streamlined focus on data-center cooling, commercial HVAC and refrigeration. Baird starts coverage of Modine Manufacturing stock as spin-off closes
• Positive Sentiment: The post-spin-off strategy is supporting a higher-growth investment story. Modine received approximately $156 million in cash from separating Performance Technologies and used the proceeds to repay debt. Investors are also focused on strong data-center demand, including reported fourth-quarter sales growth and a long-term chiller agreement valued at approximately $4 billion. Modine Manufacturing Stock Rises as Investors Digest Post-Spin Focus
• Positive Sentiment: Analyst targets remain well above the current share price. Recent targets range from $264 to $370, with a reported median of $330. Zacks also highlights Modine’s growth characteristics as a reason growth-oriented investors may consider the stock. Why growth investors should buy Modine
• Neutral Sentiment: Institutional positioning is mixed. Hundreds of investors adjusted their holdings, with some major institutions reducing exposure while others added shares. This suggests differing views on the post-spin-off valuation and outlook.
• Negative Sentiment: Insider trading is a notable overhang. QuiverQuant reported 29 open-market insider sales and no purchases during the past six months. The stock also trades at a relatively high trailing P/E, increasing sensitivity to profit-taking or any slowdown in data-center growth.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal management company that develops and manufactures technologies for controlling and transferring heat. Founded in 1916 and headquartered in Racine, Wisconsin, Modine serves customers in the automotive, commercial and industrial, data center, HVAC, refrigeration, and other specialized markets.

The company’s products and systems include heat exchangers, cooling modules, coils, radiators, condensers, fans, thermal management systems, and related components.