Modine reports November 3 with Wall Street at $305 and the tape at $133
Modine's first results since giving its car business, and its name, to Gentherm land after the close on November 3, with the stock at $133.24 against a $305.67 average analyst target. The print tests whether 90 percent data-center growth can carry 56 times earnings on a falling gross margin, ten days before shareholders vote on the Modexus rename.
Vincent Jiang · 2 min read
The trademark left with the car business
The Inference [covered the deal and the name's departure]({{article:gentherm-took-the-car-parts-business-and-the-110-year-old-modine-name-with-it}}) when it closed on October 1, 2026: Modine−2.35% — Modine, down 2.35 percent today handed its Performance Technologies vehicle business to Gentherm, the automotive comfort-systems maker, in a Reverse Morris Trust spin-off, and the Modine trademark was transferred with the business 12. The proxy filed October 13 sets what follows 1. Shareholders vote November 13 on renaming the 110-year-old Racine, Wisconsin company Modexus Solutions, a change that takes two-thirds of the 53,196,918 shares entitled to vote, with abstentions and unvoted shares counted as votes against; the ticker stays MOD 1.
Nine targets against a $133 tape
MOD closed October 23 at $133.24, 59 percent below its 52-week high of $323.25 34. The sell side has not followed the tape down: the consensus rating is Moderate Buy at a $305.67 average target 4.
Cantor Fitzgerald started coverage on October 20 at Overweight with a $275 target, Baird went Outperform at $300 on October 6, and Oppenheimer held Outperform while cutting its target to $260 on October 2 45. Zacks alone says strong sell 4. BlackRock−1.69% — BlackRock, down 1.69 percent today opened a $765.5 million position in the June quarter 4. Estimates for the quarter ended September 30 stand at $1.38 a share on $972.43 million of revenue, up 31.6 percent 3.
Every published target sits at least 95 percent above the last close
Data
| Value | |
|---|---|
| Close, Oct 23 | $133.24 |
| Oppenheimer, Oct 2 | $260 |
| Cantor, Oct 20 | $275 |
| Baird, Oct 6 | $300 |
| B. Riley, Jul 30 | $305 |
| Consensus average | $305.67 |
The June quarter grew 90 percent and lost margin
The June quarter explains the standoff. Revenue rose 28 percent to $874.1 million and still missed the $878.69 million estimate, while earnings of $1.53 a share beat by $0.26, the eighth beat in eight quarters 34.
Gross margin fell to 20.8 percent from 24.2 percent, a 340-basis-point cut the quarterly report tied to supply-chain problems in data-center cooling, and operating income slipped about 1 percent to $74.8 million 6. The Data Centers segment, now the whole thesis, grew 90 percent to $348.6 million on a 20.2 percent segment gross margin 6.
The market pays about 56 times earnings for that mix 4. Vertiv−0.36% — Vertiv, down 0.36 percent today, which took 42 percent of data-center liquid-cooling patent first filings in 2024 while Modine filed none, reports October 28, six days before Modine 89.
Gross margin in the June quarter was the lowest in three years of filings
Data
| Gross margin | |
|---|---|
| Q3 '23 | 21.8% |
| Q4 '23 | 22.7% |
| Q1 '24 | 22.4% |
| Q2 '24 | 24.6% |
| Q3 '24 | 25.2% |
| Q4 '24 | 24.3% |
| Q1 '25 | 25.6% |
| Q2 '25 | 24.2% |
| Q3 '25 | 22.3% |
| Q4 '25 | 23.1% |
| Q1 '26 | 22.5% |
| Q2 '26 | 20.8% |
Two dates decide it
Results land after the close on November 3, and the call runs 11 a.m 310. ET on November 4 310. The number to watch is Data Centers gross margin against its 20.2 percent floor: the average target pays for a recovery the June quarter contradicted 46. Shareholders vote on the name ten days later 1. The release will show whether the company that kept the cooling business and the MOD ticker is still keeping its margin.
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