Modine Manufacturing’s (MOD) Buy Rating Reaffirmed at DA Davidson

Modine Manufacturing (NYSE:MOD)‘s stock had its “buy” rating reissued by equities researchers at DA Davidson in a research report issued on Monday,Benzinga reports. They presently have a $155.00 price target on the auto parts company’s stock. DA Davidson’s target price would indicate a potential upside of 80.00% from the stock’s current price.

Modine Manufacturing Price Performance

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

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

Modine Manufacturing declared that its Board of Directors has approved a stock repurchase plan on Friday, March 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the transaction, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Modine Manufacturing

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Modine Manufacturing by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company’s stock valued at $586,486,000 after acquiring an additional 70,581 shares in the last quarter. FMR LLC lifted its holdings 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 valued at $586,657,000 after purchasing an additional 543,419 shares in the last quarter. Invesco Ltd. boosted its position in shares of Modine Manufacturing by 1.0% during the fourth quarter. Invesco Ltd. now owns 2,012,533 shares of the auto parts company’s stock valued at $233,313,000 after buying an additional 20,085 shares during the last quarter. Driehaus Capital Management LLC raised its position in Modine Manufacturing by 2.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,439,980 shares of the auto parts company’s stock worth $166,937,000 after buying an additional 39,193 shares during the last quarter. Finally, Wasatch Advisors LP lifted its position in Modine Manufacturing by 108.0% during the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock valued at $165,596,000 after purchasing an additional 741,667 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

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.