Modine Manufacturing Co. (MOD) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Modine Manufacturing Co. (NYSE:MOD) from a buy rating to a hold rating in a report published on Wednesday morning.

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). “

Modine Manufacturing (NYSE:MOD) traded down 1.58% during trading on Wednesday, hitting $11.83. 29,860 shares of the company’s stock were exchanged. Modine Manufacturing has a 12-month low of $5.39 and a 12-month high of $12.21. The firm has a market cap of $565.25 million, a price-to-earnings ratio of 303.33 and a beta of 1.42. The company’s 50-day moving average price is $11.23 and its 200 day moving average price is $10.40.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $347.20 million for the quarter, compared to analysts’ expectations of $337.10 million. Modine Manufacturing had a net margin of 0.14% and a return on equity of 10.46%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $0.14 EPS. Equities analysts forecast that Modine Manufacturing will post $0.84 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of MOD. Smith Asset Management Group LP purchased a new stake in shares of Modine Manufacturing during the second quarter worth approximately $157,000. Bank of Montreal Can bought a new stake in Modine Manufacturing during the second quarter worth about $214,000. Shell Asset Management Co. bought a new stake in Modine Manufacturing during the second quarter worth about $635,000. Acadian Asset Management LLC boosted its stake in Modine Manufacturing by 564.4% in the second quarter. Acadian Asset Management LLC now owns 113,188 shares of the company’s stock worth $996,000 after buying an additional 96,153 shares in the last quarter. Finally, Nordea Investment Management AB bought a new stake in Modine Manufacturing during the second quarter worth about $776,000. 83.52% of the stock is currently owned by institutional investors and hedge funds.

About Modine Manufacturing

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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