FY2019 EPS Estimates for Modine Manufacturing Company Reduced by Gabelli (MOD)
Modine Manufacturing Company (NYSE:MOD) – Equities researchers at Gabelli dropped their FY2019 earnings per share estimates for Modine Manufacturing in a research report issued to clients and investors on Thursday. Gabelli analyst M. Paige now forecasts that the auto parts company will earn $1.45 per share for the year, down from their prior estimate of $1.50. Gabelli also issued estimates for Modine Manufacturing’s FY2020 earnings at $1.75 EPS and FY2021 earnings at $2.00 EPS.
Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, August 1st. The auto parts company reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.09. Modine Manufacturing had a return on equity of 11.16% and a net margin of 1.35%. The company had revenue of $515.50 million for the quarter, compared to analysts’ expectations of $482.70 million. During the same period in the previous year, the firm earned $0.23 EPS. The firm’s revenue was up 48.5% compared to the same quarter last year.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded Modine Manufacturing from a “sell” rating to a “hold” rating in a research report on Wednesday, April 12th. ValuEngine downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. BidaskClub downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, TheStreet upgraded Modine Manufacturing from a “c” rating to a “b-” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Modine Manufacturing currently has a consensus rating of “Buy” and an average price target of $17.00.
Modine Manufacturing (NYSE:MOD) opened at 17.25 on Monday. Modine Manufacturing has a 12-month low of $9.25 and a 12-month high of $17.38. The company has a 50-day moving average price of $16.55 and a 200-day moving average price of $13.49. The stock has a market capitalization of $864.21 million, a PE ratio of 37.34 and a beta of 1.20.
In other news, VP Scott D. Wollenberg sold 5,736 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $15.95, for a total value of $91,489.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.42% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Modine Manufacturing by 4.2% in the fourth quarter. State Street Corp now owns 1,012,362 shares of the auto parts company’s stock valued at $15,079,000 after buying an additional 40,946 shares during the period. Norges Bank purchased a new position in Modine Manufacturing during the fourth quarter valued at $2,022,000. Highbridge Capital Management LLC purchased a new position in Modine Manufacturing during the fourth quarter valued at $281,000. DnB Asset Management AS increased its position in Modine Manufacturing by 22.9% in the first quarter. DnB Asset Management AS now owns 1,334,355 shares of the auto parts company’s stock valued at $16,279,000 after buying an additional 248,371 shares during the period. Finally, Rice Hall James & Associates LLC purchased a new position in Modine Manufacturing during the first quarter valued at $1,945,000. Institutional investors and hedge funds own 82.79% of the company’s stock.
About Modine Manufacturing
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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