Modine Manufacturing Company (MOD) Shares Up NaN on Strong Earnings

Modine Manufacturing Company (NYSE:MOD) shot up NaN during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $22.80 and last traded at $0.00. 1,133,094 shares were traded during trading, an increase of Infinity from the average session volume of 0 shares. The auto parts company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.14. The firm had revenue of $508.30 million for the quarter, compared to analysts’ expectations of $466.33 million. Modine Manufacturing had a net margin of 2.29% and a return on equity of 15.48%. The company’s quarterly revenue was up 60.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.01) earnings per share.

Several brokerages have weighed in on MOD. Zacks Investment Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective on the stock in a research note on Wednesday, October 11th. BidaskClub raised shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet raised shares of Modine Manufacturing from a “c” rating to a “b-” rating in a research note on Tuesday, August 1st. Finally, ValuEngine raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Modine Manufacturing has a consensus rating of “Buy” and an average target price of $24.00.

In other news, insider Thomas Andrew Burke sold 84,980 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $16.19, for a total transaction of $1,375,826.20. Following the sale, the insider now directly owns 454,673 shares of the company’s stock, valued at $7,361,155.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.42% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC grew its stake in shares of Modine Manufacturing by 0.8% during the third quarter. Frontier Capital Management Co. LLC now owns 4,907,861 shares of the auto parts company’s stock valued at $94,476,000 after purchasing an additional 37,958 shares during the last quarter. Phocas Financial Corp. grew its stake in shares of Modine Manufacturing by 108.3% during the second quarter. Phocas Financial Corp. now owns 776,539 shares of the auto parts company’s stock valued at $12,852,000 after purchasing an additional 403,805 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Modine Manufacturing during the second quarter valued at approximately $518,000. Susquehanna International Group LLP grew its stake in shares of Modine Manufacturing by 1,385.6% during the second quarter. Susquehanna International Group LLP now owns 159,419 shares of the auto parts company’s stock valued at $2,638,000 after purchasing an additional 171,819 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Modine Manufacturing by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 38,752 shares of the auto parts company’s stock valued at $641,000 after purchasing an additional 1,414 shares during the last quarter. 81.13% of the stock is currently owned by institutional investors and hedge funds.

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Modine Manufacturing Company Profile

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.

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