Engineers Gate Manager LP Buys Shares of 23,175 Modine Manufacturing Company $MOD

Engineers Gate Manager LP purchased a new position in Modine Manufacturing Company (NYSE:MOD) in the second quarter, HoldingsChannel.com reports. The fund purchased 23,175 shares of the auto parts company’s stock, valued at approximately $6,188,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. California State Teachers Retirement System grew its stake in Modine Manufacturing by 26,352.0% in the 2nd quarter. California State Teachers Retirement System now owns 15,536,826 shares of the auto parts company’s stock worth $4,148,643,000 after acquiring an additional 15,478,090 shares during the period. Wellington Management Group LLP lifted its position in Modine Manufacturing by 4.7% during the fourth quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after buying an additional 130,511 shares in the last quarter. BlackRock Inc. purchased a new stake in Modine Manufacturing during the second quarter worth approximately $765,540,000. Price T Rowe Associates Inc. MD grew its stake in Modine Manufacturing by 31.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after buying an additional 560,131 shares during the period. Finally, Wasatch Advisors LP increased its position in shares of Modine Manufacturing by 1.4% in the second quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after acquiring an additional 23,955 shares in the last quarter. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MOD has been the topic of several recent research reports. B. Riley Financial restated a “buy” rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Oppenheimer increased their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. UBS Group raised their price objective on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday, August 25th. Finally, DA Davidson reissued a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Trading Up 5.4%

MOD opened at $188.87 on Friday. Modine Manufacturing Company has a 12-month low of $111.18 and a 12-month high of $323.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The stock has a market capitalization of $10.03 billion, a PE ratio of 71.00, a P/E/G ratio of 0.59 and a beta of 1.74. The firm’s fifty day moving average price is $206.93 and its 200 day moving average price is $233.14.

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

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Agen sold 38,282 shares of the stock in a transaction that occurred on 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 transaction, the vice president owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This trade represents a 36.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 over the last three months. 1.92% of the stock is owned by insiders.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.