DA Davidson Reiterates Buy Rating for Modine Manufacturing (NYSE:MOD)

Modine Manufacturing (NYSE:MOD)‘s stock had its “buy” rating reissued by equities research analysts at DA Davidson in a research note issued to investors on Monday,Benzinga reports. They currently have a $155.00 target price on the auto parts company’s stock. DA Davidson’s target price indicates a potential upside of 80.00% from the company’s previous close.

Modine Manufacturing Trading Up 0.8 %

Shares of NYSE MOD traded up $0.69 during midday trading on Monday, hitting $86.11. The stock had a trading volume of 151,088 shares, compared to its average volume of 1,426,554. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The company has a fifty day moving average price of $101.55 and a 200 day moving average price of $116.96. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 1-year low of $72.49 and a 1-year high of $146.84.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. On average, analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its Board of Directors has authorized a stock repurchase program on Friday, March 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Modine Manufacturing

Hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP lifted its holdings in Modine Manufacturing by 108.0% during the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock worth $165,596,000 after purchasing an additional 741,667 shares during the last quarter. FMR LLC raised its position in shares of Modine Manufacturing by 14.0% during the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock worth $586,657,000 after acquiring an additional 543,419 shares during the last quarter. J. Goldman & Co LP acquired a new position in shares of Modine Manufacturing in the 4th quarter worth approximately $43,201,000. Norges Bank bought a new stake in shares of Modine Manufacturing in the 4th quarter valued at $31,590,000. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Modine Manufacturing by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company’s stock worth $139,949,000 after purchasing an additional 262,936 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

About Modine Manufacturing

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.