Zacks Investment Research upgraded shares of Modine Manufacturing Co. (NYSE:MOD) from a hold rating to a buy rating in a report published on Thursday morning. Zacks Investment Research currently has $13.00 price objective on the stock.

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) opened at 11.36 on Thursday. The stock has a market cap of $542.79 million, a PE ratio of 291.28 and a beta of 1.57. The stock has a 50 day moving average price of $10.68 and a 200-day moving average price of $10.24. Modine Manufacturing has a 12 month low of $5.39 and a 12 month high of $12.00.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. Modine Manufacturing had a return on equity of 10.46% and a net margin of 0.14%. The business earned $347.20 million during the quarter, compared to the consensus estimate of $337.10 million. During the same period in the previous year, the business earned $0.14 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. On average, analysts expect that Modine Manufacturing will post $0.84 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ICM Asset Management Inc. WA bought a new position in Modine Manufacturing during the first quarter worth about $1,076,000. Los Angeles Capital Management & Equity Research Inc. raised its position in Modine Manufacturing by 1.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,490 shares of the company’s stock worth $281,000 after buying an additional 450 shares in the last quarter. Algert Global LLC bought a new position in Modine Manufacturing during the first quarter worth about $695,000. Mesirow Financial Investment Management US Value Equity bought a new position in Modine Manufacturing during the first quarter worth about $183,000. Finally, Spark Investment Management LLC raised its position in Modine Manufacturing by 103.7% in the first quarter. Spark Investment Management LLC now owns 32,800 shares of the company’s stock worth $361,000 after buying an additional 16,700 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company is a developer, manufacturer and marketer of heat exchangers and systems for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications and to a range of building, industrial and refrigeration markets. The Company specializes in thermal management systems and components.

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