Modine Manufacturing (NYSE:MOD) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Modine Manufacturing (NYSE:MOD) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $98.51, but opened at $104.00. Modine Manufacturing shares last traded at $102.13, with a volume of 64,729 shares trading hands.

The auto parts company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%.

Analyst Ratings Changes

Separately, Oppenheimer lifted their price target on Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st.

Institutional Trading of Modine Manufacturing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MOD. Nisa Investment Advisors LLC lifted its stake in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock valued at $157,000 after purchasing an additional 82 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Modine Manufacturing by 0.8% in the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock valued at $1,675,000 after purchasing an additional 118 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Modine Manufacturing by 0.5% in the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock valued at $3,973,000 after purchasing an additional 159 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of Modine Manufacturing by 97.8% in the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after purchasing an additional 269 shares in the last quarter. Finally, Legend Financial Advisors Inc. lifted its stake in shares of Modine Manufacturing by 2.9% in the 4th quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock valued at $1,151,000 after purchasing an additional 279 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Down 7.2 %

The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 0.78 and a beta of 2.31. The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 0.41. The firm has a 50 day moving average price of $122.88 and a two-hundred day moving average price of $120.70.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.