Modine Manufacturing (NYSE:MOD) Shares Gap Up After Better-Than-Expected Earnings

Modine Manufacturing (NYSE:MOD - Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $98.51, but opened at $104.00. Modine Manufacturing shares last traded at $102.13, with a volume of 64,729 shares trading hands.

The auto parts company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%.

Analysts Set New Price Targets

Separately, Oppenheimer raised their price target on Modine Manufacturing from $144.00 to $145.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st.

Institutional Investors Weigh In On Modine Manufacturing

Large investors have recently modified their holdings of the business. Principal Securities Inc. boosted its position in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after buying an additional 269 shares in the last quarter. Private Trust Co. NA increased its holdings in Modine Manufacturing by 650.5% in the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock worth $103,000 after purchasing an additional 670 shares in the last quarter. Farther Finance Advisors LLC raised its position in Modine Manufacturing by 90.9% in the third quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company's stock valued at $137,000 after purchasing an additional 491 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after purchasing an additional 82 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Modine Manufacturing by 47.8% during the third quarter. KBC Group NV now owns 1,456 shares of the auto parts company's stock worth $193,000 after purchasing an additional 471 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Modine Manufacturing Stock Performance

The company has a fifty day moving average price of $121.42 and a two-hundred day moving average price of $120.44. The company has a market capitalization of $5.19 billion, a P/E ratio of 33.10, a PEG ratio of 0.75 and a beta of 2.31. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.09.

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.