Zacks Investment Research Downgrades Modine Manufacturing (MOD) to Hold

Modine Manufacturing (NYSE:MOD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. This includes heat exchangers for cooling all types of engines, transmissions, auxiliary hydraulic equipment, air conditioning components used in cars, trucks, farm and construction machinery and equipment, and heating and cooling equipment for residential and commercial building HVAC (heating, ventilating, air conditioning and refrigeration equipment). “

Separately, ValuEngine raised Modine Manufacturing from a “strong sell” rating to a “sell” rating in a report on Saturday.

Modine Manufacturing stock opened at $15.23 on Wednesday. Modine Manufacturing has a one year low of $9.75 and a one year high of $25.75. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.25 and a quick ratio of 0.85. The firm has a market capitalization of $763.98 million, a PE ratio of 9.89 and a beta of 2.03.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Thursday, January 31st. The auto parts company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.08. Modine Manufacturing had a return on equity of 16.65% and a net margin of 4.32%. The firm had revenue of $541.00 million during the quarter, compared to analyst estimates of $532.74 million. Analysts anticipate that Modine Manufacturing will post 1.56 EPS for the current fiscal year.

Modine Manufacturing declared that its board has approved a share buyback program on Tuesday, October 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional investors have recently bought and sold shares of the company. Wedge Capital Management L L P NC boosted its stake in Modine Manufacturing by 32.1% during the third quarter. Wedge Capital Management L L P NC now owns 1,299,508 shares of the auto parts company’s stock valued at $19,363,000 after buying an additional 315,646 shares during the period. Assenagon Asset Management S.A. bought a new stake in Modine Manufacturing during the third quarter valued at $4,496,000. TIAA CREF Investment Management LLC boosted its stake in Modine Manufacturing by 54.4% during the third quarter. TIAA CREF Investment Management LLC now owns 748,240 shares of the auto parts company’s stock valued at $11,149,000 after buying an additional 263,746 shares during the period. Renaissance Technologies LLC boosted its stake in Modine Manufacturing by 448.6% during the third quarter. Renaissance Technologies LLC now owns 301,780 shares of the auto parts company’s stock valued at $4,497,000 after buying an additional 246,771 shares during the period. Finally, Frontier Capital Management Co. LLC boosted its stake in Modine Manufacturing by 6.0% during the third quarter. Frontier Capital Management Co. LLC now owns 4,200,197 shares of the auto parts company’s stock valued at $62,583,000 after buying an additional 237,090 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.

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