Baird starts coverage of Modine Manufacturing stock as spin-off closes

Published on 10/07/2026 at 05:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fiscal first-quarter revenue rose 28.00 percent to USD 874.10 million. Modine Manufacturing stock had a EUR 169.73 prior close on October 5, 2026.

MOD, US6078281002, Illustration mit AI erstellt.

Modine Manufacturing stock had a prior close of EUR 169.73 at Lang & Schwarz on October 5, 2026, as the company completed a major portfolio separation. Modine completed the spin-off of its Performance Technologies business and its combination with Gentherm on October 1, 2026, while Robert W. Baird began coverage with a USD 300.00 price target, according to MarketBeat on October 6, 2026.

Spin-off changes the business mix

According to Modine on October 1, 2026, shareholders received 0.44619 Gentherm shares for each Modine share held on the September 28, 2026 record date. Modine also received a USD 156.0 million cash distribution from the spun-off business, which it used to repay outstanding debt.

The transaction valued Performance Technologies at USD 946.4 million based on Gentherm's September 30, 2026 closing price, according to the company release. Modine shareholders owned 43.62 percent of the combined Gentherm company after the transaction, while previous Gentherm shareholders owned 56.38 percent.

Revenue grows as estimates come under pressure

Modine's first fiscal quarter of 2027 ended June 30, 2026 with revenue of USD 874.10 million, up 28.00 percent from the year-earlier period, according to MarketBeat. The figure was below the USD 878.69 million consensus estimate by USD 4.59 million, creating a more balanced picture than the headline growth rate suggests.

The same quarter produced earnings per share of USD 1.53 against a USD 1.27 consensus estimate, according to MarketBeat. For investors assessing the reshaped company, the comparison matters: revenue growth remained high, but the business transition now separates the data center and climate solutions opportunity from the divested vehicle-focused operations.

Prior close anchors the euro view

The prior close at Lang & Schwarz was EUR 169.73 on October 5, 2026. The primary listing is on the New York Stock Exchange, where MOD was last at USD 189.91 on October 6, 2026 at 4:00 p.m. ET, while its market capitalization stood at USD 10.1 billion and its 52-week range was USD 111.18 to USD 323.25.

Robert W. Baird's USD 300.00 target gives the stock a separate valuation reference from the euro quotation, and the transaction leaves Modine focused on thermal management activities after the Performance Technologies separation. The further course of trading is shown by the continuously updated real-time quote of Modine Manufacturing stock.