Zacks: Modine Manufacturing Company (MOD) Given Consensus Recommendation of “Strong Buy” by Brokerages
Modine Manufacturing Company (NYSE:MOD) has earned a consensus broker rating score of 1.00 (Strong Buy) from the three analysts that cover the company, Zacks Investment Research reports. Three investment analysts have rated the stock with a strong buy rating.
Brokerages have set a 1 year consensus price objective of $24.33 for the company and are predicting that the company will post $0.29 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Modine Manufacturing an industry rank of 64 out of 265 based on the ratings given to related companies.
Several analysts recently commented on the company. ValuEngine lowered Modine Manufacturing from a “strong-buy” rating to a “buy” rating in a research note on Monday. Zacks Investment Research downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, BidaskClub downgraded Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd.
Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, October 31st. The auto parts company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.14. The business had revenue of $508.30 million for the quarter, compared to analyst estimates of $466.33 million. Modine Manufacturing had a return on equity of 14.94% and a net margin of 2.29%. Modine Manufacturing’s quarterly revenue was up 60.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) EPS. equities analysts forecast that Modine Manufacturing will post 1.43 earnings per share for the current year.
In related news, VP Scott D. Wollenberg sold 6,414 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $23.55, for a total value of $151,049.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Holger Schwab sold 7,572 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $22.62, for a total value of $171,278.64. Following the completion of the sale, the vice president now owns 50,159 shares of the company’s stock, valued at approximately $1,134,596.58. The disclosure for this sale can be found here. Insiders sold 24,508 shares of company stock valued at $557,019 in the last quarter. 4.42% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new position in Modine Manufacturing in the second quarter valued at about $518,000. Comerica Bank acquired a new position in shares of Modine Manufacturing during the second quarter worth about $1,619,000. Schwab Charles Investment Management Inc. boosted its position in shares of Modine Manufacturing by 15.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 254,612 shares of the auto parts company’s stock worth $4,214,000 after buying an additional 33,237 shares during the period. Swiss National Bank boosted its position in shares of Modine Manufacturing by 6.9% during the second quarter. Swiss National Bank now owns 84,000 shares of the auto parts company’s stock worth $1,390,000 after buying an additional 5,400 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Modine Manufacturing by 15.1% during the second quarter. Victory Capital Management Inc. now owns 1,662,194 shares of the auto parts company’s stock worth $27,509,000 after buying an additional 217,843 shares during the period. Institutional investors and hedge funds own 82.36% 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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