Modine Manufacturing Co. (NYSE:MOD) – Equities research analysts at Gabelli reduced their FY2021 earnings per share (EPS) estimates for Modine Manufacturing in a report issued on Thursday, November 1st. Gabelli analyst M. Paige now forecasts that the auto parts company will post earnings per share of $2.00 for the year, down from their previous forecast of $2.05.
Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. The company had revenue of $548.90 million for the quarter, compared to the consensus estimate of $516.95 million. Modine Manufacturing had a net margin of 2.27% and a return on equity of 16.89%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS.
A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 12th. Zacks Investment Research raised shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th.
NYSE MOD opened at $13.75 on Friday. The stock has a market capitalization of $659.49 million, a P/E ratio of 8.39 and a beta of 1.65. Modine Manufacturing has a twelve month low of $11.55 and a twelve month high of $25.75. The company has a current ratio of 1.23, a quick ratio of 0.85 and a debt-to-equity ratio of 0.76.
Modine Manufacturing announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
In related news, Director Suresh V. Garimella sold 14,181 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $17.65, for a total value of $250,294.65. Following the sale, the director now owns 40,135 shares of the company’s stock, valued at $708,382.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.48% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Paloma Partners Management Co bought a new stake in Modine Manufacturing during the second quarter worth about $184,000. Global X Management Co LLC bought a new stake in Modine Manufacturing during the second quarter worth about $206,000. Xact Kapitalforvaltning AB bought a new stake in Modine Manufacturing during the second quarter worth about $215,000. Jane Street Group LLC bought a new stake in Modine Manufacturing during the first quarter worth about $235,000. Finally, Trexquant Investment LP grew its stake in Modine Manufacturing by 124.4% during the second quarter. Trexquant Investment LP now owns 23,001 shares of the auto parts company’s stock worth $420,000 after buying an additional 12,749 shares during the last quarter. 87.36% 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- 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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