Modine Manufacturing Company (NYSE:MOD) Sees Large Drop in Short Interest

Modine Manufacturing Company (NYSE:MOD) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 1,361,085 shares, a decrease of 32.4% from the May 31st total of 2,014,301 shares. Based on an average daily volume of 535,233 shares, the short-interest ratio is presently 2.5 days. Currently, 2.8% of the company’s shares are sold short.

A number of brokerages recently weighed in on MOD. BidaskClub downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. ValuEngine raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised Modine Manufacturing from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Thursday, June 1st.

In other Modine Manufacturing news, VP Scott D. Wollenberg sold 5,736 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $15.95, for a total transaction of $91,489.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.42% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in MOD. Bank of America Corp DE raised its stake in Modine Manufacturing by 11.5% in the first quarter. Bank of America Corp DE now owns 9,799 shares of the auto parts company’s stock valued at $120,000 after buying an additional 1,008 shares in the last quarter. BB&T Securities LLC acquired a new position in shares of Modine Manufacturing during the first quarter valued at approximately $159,000. Karp Capital Management Corp acquired a new position in shares of Modine Manufacturing during the first quarter valued at approximately $164,000. Citadel Advisors LLC acquired a new position in shares of Modine Manufacturing during the first quarter valued at approximately $176,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Modine Manufacturing during the first quarter valued at approximately $181,000. 83.50% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing (NYSE:MOD) traded up 1.55% during mid-day trading on Friday, reaching $16.40. The company had a trading volume of 157,492 shares. Modine Manufacturing has a one year low of $9.25 and a one year high of $17.38. The firm has a market capitalization of $821.30 million, a P/E ratio of 56.16 and a beta of 1.21. The firm’s 50-day moving average is $16.57 and its 200-day moving average is $13.46.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Wednesday, May 24th. The auto parts company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Modine Manufacturing had a return on equity of 9.27% and a net margin of 0.94%. The business had revenue of $488.30 million during the quarter, compared to analyst estimates of $468.37 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. Modine Manufacturing’s revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities research analysts anticipate that Modine Manufacturing will post $1.28 earnings per share for the current fiscal year.

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Modine Manufacturing Company Profile

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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