Modine Manufacturing (NYSE:MOD) Stock Price Down 6.1% – Here’s Why

Modine Manufacturing Company (NYSE:MOD) was down 6.1% on Wednesday . The stock traded as low as $264.41 and last traded at $261.1250. Approximately 244,975 shares were traded during trading, a decline of 81% from the average daily volume of 1,288,316 shares. The stock had previously closed at $278.18.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MOD shares. Glj Research reiterated a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a report on Monday, June 1st. Wall Street Zen upgraded shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. B. Riley Financial raised their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Roth Mkm assumed coverage on Modine Manufacturing in a research note on Wednesday, February 18th. They issued a “buy” rating and a $263.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

Modine Manufacturing Stock Performance

The company has a market cap of $13.68 billion, a PE ratio of 115.36, a PEG ratio of 0.89 and a beta of 1.65. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $256.98 and a 200-day moving average of $202.90.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The company had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. During the same quarter in the previous year, the firm earned $1.12 earnings per share. Modine Manufacturing’s quarterly revenue was up 47.5% on a year-over-year basis. As a group, analysts anticipate that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

Institutional Investors Weigh In On Modine Manufacturing

Institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Modine Manufacturing in the 1st quarter worth about $25,000. Kemnay Advisory Services Inc. bought a new stake in Modine Manufacturing in the 4th quarter worth about $25,000. Spire Wealth Management bought a new stake in Modine Manufacturing in the 4th quarter worth about $27,000. Optiver Holding B.V. grew its position 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 purchasing an additional 39 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in Modine Manufacturing in the 3rd quarter worth about $39,000. 95.23% of the stock is owned by institutional investors.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.