Shares of Modine Manufacturing Company (NYSE:MOD) reached a new 52-week high on February 4, 2024, following an upgrade from DA Davidson, which raised its price target for the stock from $255.00 to $265.00. The stock traded as high as $224.70 during the day and closed at $219.27, with a total trading volume of 1,496,747 shares.
This surge comes as several research firms have recently issued positive ratings on Modine. KeyCorp increased its target price from $160.00 to $175.00 and assigned an “overweight” rating on October 14, 2023. Similarly, Oppenheimer revised its price objective from $220.00 to $240.00 and gave Modine an “outperform” rating. Zacks Research upgraded the company from a “hold” to a “strong-buy” rating in a report released on January 30, 2024.
Analyst Consensus and Insider Activity
Currently, one investment analyst has given Modine a Strong Buy rating, while four have issued a Buy rating and one has assigned a Hold rating. Based on data from MarketBeat.com, the consensus rating for the stock is “Buy,” with a target price of $213.25.
In related developments, Director Suresh V. Garimella sold 1,100 shares on February 2, 2024, at an average price of $184.07, totaling $202,477.00. Following this transaction, Garimella retains ownership of 79,856 shares, valued at approximately $14.7 million, marking a 1.36% decrease in his position.
Additionally, CEO Neil David Brinker sold 31,871 shares on December 2, 2023, for a total of $5.12 million, which represented an 11.80% decrease in his holdings. Over the last ninety days, corporate insiders have sold 34,071 shares valued at $5.48 million. Insiders currently hold 2.48% of the company’s stock.
Institutional Investments and Financial Performance
Recent activity from institutional investors indicates growing interest in Modine Manufacturing. Spire Wealth Management acquired a new stake valued at approximately $27,000 in the fourth quarter. First Horizon Corp and Sunbelt Securities Inc. also purchased new positions valued at $38,000 and $39,000, respectively. Notably, Parkside Financial Bank & Trust significantly increased its holdings by 2,025%, acquiring 425 shares worth $42,000.
Currently, institutional investors own approximately 95.23% of Modine Manufacturing’s stock. The company’s market capitalization stands at $11.56 billion, with a price-to-earnings (P/E) ratio of 121.82 and a debt-to-equity ratio of 0.51.
Modine recently reported its earnings results on February 4, 2024, posting earnings per share (EPS) of $1.19, surpassing analysts’ expectations of $0.99 by $0.20. The company achieved a net revenue of $805 million for the quarter, a remarkable increase of 30.5% compared to the same period last year, during which it earned $0.92 per share. Analysts forecast that Modine will post $3.88 earnings per share for the current fiscal year.
Modine Manufacturing Company is a global provider of thermal management solutions, serving various markets including automotive, commercial transportation, and industrial applications. The company designs and manufactures a wide range of heat-transfer products, including heat exchangers and condensers, effectively managing temperature and energy efficiency for diverse applications.
