13,540 Shares in Modine Manufacturing Company $MOD Purchased by Formula Growth Ltd.

Formula Growth Ltd. purchased a new stake in Modine Manufacturing Company (NYSE:MOD) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,540 shares of the auto parts company’s stock, valued at approximately $3,615,000. Modine Manufacturing comprises 1.3% of Formula Growth Ltd.’s investment portfolio, making the stock its 18th largest position.

A number of other hedge funds have also recently bought and sold shares of MOD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Modine Manufacturing by 26.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock worth $2,857,000 after purchasing an additional 7,831 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Modine Manufacturing by 8.3% in the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock valued at $6,767,000 after purchasing an additional 5,244 shares in the last quarter. State Street Corp boosted its stake in shares of Modine Manufacturing by 4.2% during the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after buying an additional 53,351 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Modine Manufacturing by 106.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after buying an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Modine Manufacturing by 70.8% during the second quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock worth $30,501,000 after buying an additional 128,348 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

Modine Manufacturing stock opened at $187.03 on Friday. The company has a market cap of $9.93 billion, a PE ratio of 70.31, a P/E/G ratio of 0.61 and a beta of 1.71. The company has a fifty day moving average price of $224.41 and a two-hundred day moving average price of $235.83. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. Modine Manufacturing Company has a 12 month low of $111.18 and a 12 month high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The company had revenue of $874.10 million for the quarter, compared to analysts’ expectations of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The firm’s revenue was up 28.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 earnings per share. Research analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MOD. Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday. Wall Street Zen downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. DA Davidson reissued a “buy” rating and set a $330.00 price objective on shares of Modine Manufacturing in a report on Monday, June 22nd. KeyCorp dropped their target price on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Finally, UBS Group upped their target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Insider Activity

In related news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the transaction, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 1.92% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.