Modine Manufacturing (NYSE:MOD) Coverage Initiated by Analysts at Robert W. Baird

Robert W. Baird initiated coverage on shares of Modine Manufacturing (NYSE:MOD) in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $300.00 target price on the auto parts company’s stock.

MOD has been the subject of several other research reports. KeyCorp reissued an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. DA Davidson reiterated a “buy” rating and set a $330.00 price objective on shares of Modine Manufacturing in a research note on Tuesday, September 29th. Oppenheimer reduced their target price on shares of Modine Manufacturing from $300.00 to $260.00 and set an “outperform” rating for the company in a report on Friday, October 2nd. Finally, B. Riley Financial restated a “buy” rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $309.50.

Modine Manufacturing Stock Performance

Shares of NYSE MOD opened at $189.16 on Tuesday. The firm has a 50 day moving average of $190.68 and a 200 day moving average of $230.62. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 71.11, a price-to-earnings-growth ratio of 0.60 and a beta of 1.71. Modine Manufacturing has a 12-month low of $111.18 and a 12-month high of $323.25.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. The business had revenue of $874.10 million during the quarter, compared to analysts’ expectations of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The firm’s revenue was up 28.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. On average, research analysts anticipate that Modine Manufacturing will post 7.68 earnings per share for the current year.

Hedge Funds Weigh In On Modine Manufacturing

A number of hedge funds have recently made changes to their positions in MOD. BlackRock Inc. bought a new stake in Modine Manufacturing during the 2nd quarter valued at approximately $765,540,000. Paradigm Capital Management Inc. NY bought a new position in Modine Manufacturing in the 2nd quarter worth approximately $388,140,000. Capital Research Global Investors boosted its stake in Modine Manufacturing by 13.8% in the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock worth $197,358,000 after purchasing an additional 179,617 shares during the period. Jupiter Topco LLC bought a new position in Modine Manufacturing in the 2nd quarter worth approximately $123,873,000. Finally, Blue Whale Capital LLP purchased a new stake in Modine Manufacturing during the 2nd quarter valued at approximately $123,747,000. Institutional investors own 95.23% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal management company that develops and manufactures technologies for controlling and transferring heat. Founded in 1916 and headquartered in Racine, Wisconsin, Modine serves customers in the automotive, commercial and industrial, data center, HVAC, refrigeration, and other specialized markets.

The company’s products and systems include heat exchangers, cooling modules, coils, radiators, condensers, fans, thermal management systems, and related components.