Nippon Life Global Investors Americas Inc. Takes Position in Modine Manufacturing Company $MOD

Nippon Life Global Investors Americas Inc. purchased a new stake in Modine Manufacturing Company (NYSE:MOD) during the second quarter, according to its most recent filing with the SEC. The firm purchased 107,320 shares of the auto parts company’s stock, valued at approximately $28,657,000. Modine Manufacturing accounts for approximately 1.1% of Nippon Life Global Investors Americas Inc.’s portfolio, making the stock its 29th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of MOD. V Square Quantitative Management LLC acquired a new position in Modine Manufacturing during the first quarter valued at approximately $25,000. Kemnay Advisory Services Inc. acquired a new stake in Modine Manufacturing in the fourth quarter worth $25,000. Optiver Holding B.V. raised its holdings in Modine Manufacturing by 19.7% in the first quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock worth $51,000 after purchasing an additional 39 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Modine Manufacturing during the third quarter worth $39,000. Finally, Danske Bank A S bought a new position in shares of Modine Manufacturing during the third quarter worth $43,000. Institutional investors own 95.23% of the company’s stock.

Insiders Place Their Bets

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the sale, the director directly owned 42,350 shares in the company, valued at $12,219,669. This represents a 26.16% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 54,302 shares of company stock worth $15,928,759. Corporate insiders own 1.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MOD. Wall Street Zen cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. KeyCorp decreased their target price on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. UBS Group increased their price target on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Finally, Glj Research restated a “buy” rating and issued a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Modine Manufacturing Stock Up 0.1%

Shares of MOD stock opened at $209.67 on Monday. The firm has a fifty day moving average of $239.57 and a 200-day moving average of $235.26. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. Modine Manufacturing Company has a 12-month low of $111.18 and a 12-month high of $323.25. The company has a market capitalization of $11.14 billion, a price-to-earnings ratio of 78.82, a P/E/G ratio of 0.68 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, July 28th. The auto parts company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The business 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%. The firm’s quarterly revenue was up 28.0% on a year-over-year basis. During the same period last year, the business posted $0.95 earnings per share. As a group, equities research 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.