Showing unusual strength, Modine Manufacturing got an upgrade for its IBD SmartSelect Composite Rating from 94 to a near-best 97, out of 99. The upgraded Composite Rating shows that Modine stock outpaces 97% of all stocks on a group of the most important technical and fundamental metrics.
Modine Stock A Favorite Among Big Money Investors
The outstanding Accumulation/Distribution Rating, of A for Modine Manufacturing stock, on an A+ to E scale, shows heavy buying by institutional investors over the last 13 weeks. Racine, Wis.-based Modine also has a decent 82 Earnings Per Share Rating, putting it in the top 18% of all stocks for profit growth. Reflecting strong fundamentals, it has a bullish B SMR Rating (sales + profit margins + return on equity) on an A-to-E scale.
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Modine Manufacturing stock recently broke out of a cup-without-handle pattern on May 26, rising above a 26.90 buy point. It took off from the 19.34 low point of the base on May 24, soaring 63% to 31.55 Thursday afternoon, down more than 1% for the day. It's extended now. Look for it to form a fresh base and move higher.
Modine specializes in thermal management systems used in a wide variety of industries including air conditioning systems, autos, heavy construction equipment and medical devices among others.
Among Top 5 In Its Industry
The watchlist candidate company on May 24 posted 18% earnings growth for Q4, to 67 cents per share, topping estimates. Sales grew 8% to $618.1 million. The prior three quarters it reported 60% EPS growth, then 220% and 55%. The company on Feb. 1 forecast that 2023 revenue will grow 6% to 12% year over year. Modine is slated to report current quarter earnings around Aug. 2.
Modine stock holds the No. 4 rank among its peers in the Building-A/C & Heating Products industry group. Houston-based heating, ventilation and air conditioning company Comfort Systems USA is the top-ranked stock within the group.
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