Modine Manufacturing (NYSE:MOD) Shares Gap Down to $17.94

Modine Manufacturing (NYSE:MOD)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $17.94, but opened at $17.51. Modine Manufacturing shares last traded at $17.77, with a volume of 1,071 shares traded.

Separately, Zacks Investment Research raised Modine Manufacturing from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Tuesday, June 1st.

The business has a 50 day simple moving average of $16.38. The company has a market capitalization of $884.37 million, a P/E ratio of -4.18, a price-to-earnings-growth ratio of 1.09 and a beta of 2.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.96 and a current ratio of 1.37.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, May 25th. The auto parts company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.24. Modine Manufacturing had a positive return on equity of 15.00% and a negative net margin of 11.65%. Equities analysts forecast that Modine Manufacturing will post 1.62 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MOD. Gamco Investors INC. ET AL boosted its stake in Modine Manufacturing by 24.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,778,047 shares of the auto parts company’s stock worth $34,892,000 after buying an additional 546,091 shares during the last quarter. HCSF Management LLC acquired a new position in shares of Modine Manufacturing in the 1st quarter valued at $7,385,000. Royce & Associates LP lifted its stake in shares of Modine Manufacturing by 28.6% in the 1st quarter. Royce & Associates LP now owns 1,942,100 shares of the auto parts company’s stock valued at $28,685,000 after purchasing an additional 432,334 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Modine Manufacturing by 131.0% in the 1st quarter. Nuveen Asset Management LLC now owns 692,510 shares of the auto parts company’s stock valued at $10,229,000 after purchasing an additional 392,705 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY acquired a new position in shares of Modine Manufacturing in the 1st quarter valued at $5,007,000. 89.31% of the stock is currently owned by institutional investors.

Modine Manufacturing Company Profile (NYSE:MOD)

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. It operates through Vehicular Thermal Solutions, Commercial and Industrial Solutions, and Building HVAC Systems segments.

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