Long Position on MOD @ $25.25 on 3/7/2023 (Momentum)

Modine Manufacturing Company (MOD) provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. 

It operates through Climate Solutions and Performance Technologies segments.

The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.

It also provides microchannel, heat recovery, round tube plate fin, and motor and generator cooling coils; evaporator unit, fluid, transformer oil, gas, air blast, and dry and brine coolers, as well as remote condensers; and coatings to protect against corrosion.

Shares have are heading higher in an upward "trading channel" following it's earnings report. On February 1st,  MOD reported 3rd Quarter December 2022 earnings of $0.48 per share on revenue of $560.0 million. The consensus earnings estimate was $0.43 per share on revenue of $570.4 million. Revenue grew 11.5% on a year-over-year basis.

The company said it continues to expect fiscal 2023 revenue of $2.17 billion to $2.30 billion. The current consensus revenue estimate is $2.29 billion for the year ending March 31, 2023.

Entry Point: $25.25

Stop Loss: $23.00

Trading Range: $7.67 to $26.9029

Target Price: $27.50

Position closed on 3/10/2023 at price of $23.00 with a -8.91% loss in 3 days.

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