Modine Manufacturing Co. (NYSE:MOD) saw an uptick in trading volume on Thursday following a stronger than expected earnings report. 1,143,330 shares traded hands during trading, an increase of 267% from the previous session’s volume of 311,419 shares.The stock last traded at $15.35 and had previously closed at $12.70.
The auto parts company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $488.30 million for the quarter, compared to analysts’ expectations of $468.37 million. Modine Manufacturing had a net margin of 1.02% and a return on equity of 9.39%. Modine Manufacturing’s revenue for the quarter was up 42.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share.
Several research firms recently weighed in on MOD. ValuEngine cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Zacks Investment Research cut shares of Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Saturday, April 22nd. In other Modine Manufacturing news, VP Scott D. Wollenberg sold 5,736 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $15.95, for a total transaction of $91,489.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MOD. HighTower Advisors LLC acquired a new position in shares of Modine Manufacturing during the third quarter worth approximately $712,000. United Services Automobile Association boosted its position in shares of Modine Manufacturing by 4.2% in the third quarter. United Services Automobile Association now owns 264,900 shares of the auto parts company’s stock worth $3,142,000 after buying an additional 10,700 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Modine Manufacturing during the fourth quarter worth approximately $2,164,000. Frontier Capital Management Co. LLC boosted its position in shares of Modine Manufacturing by 0.4% in the fourth quarter. Frontier Capital Management Co. LLC now owns 4,675,116 shares of the auto parts company’s stock worth $69,659,000 after buying an additional 16,886 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Modine Manufacturing by 8.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 47,519 shares of the auto parts company’s stock worth $708,000 after buying an additional 3,548 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock. The company has a market capitalization of $831.31 million, a PE ratio of 56.85 and a beta of 1.36. The firm’s 50 day moving average price is $12.73 and its 200-day moving average price is $12.80.