Raiffeisen Bank International AG Purchases New Position in Modine Manufacturing Company $MOD

Raiffeisen Bank International AG bought a new stake in shares of Modine Manufacturing Company (NYSE:MOD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,000 shares of the auto parts company’s stock, valued at approximately $1,025,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new position in shares of Modine Manufacturing during the 2nd quarter worth about $4,478,000. Lazard Asset Management LLC purchased a new stake in Modine Manufacturing in the 1st quarter worth about $1,722,000. Robinhood Asset Management LLC bought a new stake in Modine Manufacturing in the second quarter worth about $8,848,000. Ranger Investment Management L.P. purchased a new stake in shares of Modine Manufacturing in the first quarter worth approximately $15,557,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Modine Manufacturing by 253.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock worth $68,230,000 after acquiring an additional 219,373 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Wall Street Analysts Forecast Growth

MOD has been the topic of several research analyst reports. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. B. Riley Financial reiterated a “buy” rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. KeyCorp reissued an “overweight” rating and set a $280.00 target price on shares of Modine Manufacturing in a research note on Wednesday. Oppenheimer upped their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Finally, DA Davidson reaffirmed a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $320.14.

Insider Activity at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares of the company’s stock, valued at $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Brian Agen sold 38,282 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the sale, the vice president owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 54,302 shares of company stock valued at $15,928,759 over the last quarter. 1.92% of the stock is owned by corporate insiders.

Modine Manufacturing Price Performance

Shares of MOD opened at $194.54 on Friday. The company has a 50 day moving average price of $212.71 and a 200-day moving average price of $234.22. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The stock has a market capitalization of $10.33 billion, a PE ratio of 73.14, a PEG ratio of 0.64 and a beta of 1.74. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. Modine Manufacturing’s revenue was up 28.0% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. Equities analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

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.