Zacks Investment Research Downgrades Modine Manufacturing (NYSE:MOD) to Sell

Modine Manufacturing (NYSE:MOD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, Zacks.com reports.

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). “

A number of other equities analysts have also recently commented on MOD. ValuEngine raised shares of Modine Manufacturing from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. DA Davidson reissued a “neutral” rating on shares of Modine Manufacturing in a research note on Wednesday, September 11th. Dougherty & Co started coverage on shares of Modine Manufacturing in a research note on Wednesday, August 28th. They issued a “buy” rating and a $13.00 price target for the company. Finally, TheStreet cut shares of Modine Manufacturing from a “b-” rating to a “c” rating in a research note on Friday, September 20th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $13.83.

Modine Manufacturing stock opened at $10.81 on Friday. The firm’s 50 day simple moving average is $10.66 and its 200 day simple moving average is $12.85. The company has a current ratio of 1.17, a quick ratio of 0.78 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $544.01 million, a PE ratio of 6.89, a price-to-earnings-growth ratio of 0.79 and a beta of 2.01. Modine Manufacturing has a 1-year low of $9.50 and a 1-year high of $16.67.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Wednesday, July 31st. The auto parts company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.05). The firm had revenue of $529.00 million for the quarter, compared to the consensus estimate of $544.88 million. Modine Manufacturing had a return on equity of 14.19% and a net margin of 3.25%. The business’s revenue was down 6.5% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. Research analysts forecast that Modine Manufacturing will post 1.36 earnings per share for the current year.

In other news, insider Hanna Julian 500,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. 5.01% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC boosted its stake in shares of Modine Manufacturing by 0.5% in the 1st quarter. Clearbridge Investments LLC now owns 183,086 shares of the auto parts company’s stock valued at $2,539,000 after purchasing an additional 839 shares in the last quarter. Financial Consulate Inc. boosted its position in Modine Manufacturing by 0.4% during the 2nd quarter. Financial Consulate Inc. now owns 243,061 shares of the auto parts company’s stock valued at $3,478,000 after buying an additional 986 shares during the period. Stone Ridge Asset Management LLC boosted its position in Modine Manufacturing by 7.2% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 17,807 shares of the auto parts company’s stock valued at $255,000 after buying an additional 1,200 shares during the period. Aperio Group LLC boosted its position in Modine Manufacturing by 9.1% during the 2nd quarter. Aperio Group LLC now owns 16,068 shares of the auto parts company’s stock valued at $230,000 after buying an additional 1,340 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its position in Modine Manufacturing by 4.5% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 32,700 shares of the auto parts company’s stock valued at $468,000 after buying an additional 1,400 shares during the period. 87.38% of the stock is owned by 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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