Modine Manufacturing Company $MOD Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 6.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 393,860 shares of the auto parts company’s stock after selling 27,771 shares during the quarter. Bank of America Corp DE’s holdings in Modine Manufacturing were worth $85,353,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Modine Manufacturing by 26.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock valued at $2,857,000 after buying an additional 7,831 shares during the period. California Public Employees Retirement System increased its stake in shares of Modine Manufacturing by 8.3% during 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 acquiring an additional 5,244 shares during the last quarter. State Street Corp lifted its holdings 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 worth $128,985,000 after acquiring an additional 53,351 shares during the period. Qube Research & Technologies Ltd lifted its holdings 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 worth $15,890,000 after acquiring an additional 83,105 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Modine Manufacturing by 70.8% in the second quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock worth $30,501,000 after acquiring an additional 128,348 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction 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 directly owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value 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 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 sold 54,302 shares of company stock valued at $15,928,759 over the last 90 days. Corporate insiders own 1.92% of the company’s stock.

Modine Manufacturing Stock Up 2.0%

Shares of NYSE:MOD opened at $196.31 on Friday. The stock has a 50-day simple moving average of $248.96 and a 200-day simple moving average of $232.59. The stock has a market capitalization of $10.43 billion, a P/E ratio of 73.80, a PEG ratio of 0.64 and a beta of 1.71. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25. 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 posted its quarterly earnings results on Tuesday, July 28th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. The firm 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 for the quarter was up 28.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. Equities analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. DA Davidson reaffirmed a “buy” rating and set a $330.00 price target on shares of Modine Manufacturing in a research report on Monday, June 22nd. B. Riley Financial reiterated a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. KeyCorp decreased their price target on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Oppenheimer boosted their price objective on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Finally, Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Modine Manufacturing Company Profile

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.