Gamco Investors INC. ET AL lessened its holdings in Modine Manufacturing Company (NYSE:MOD – Free Report) by 33.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 551,403 shares of the auto parts company’s stock after selling 279,376 shares during the quarter. Modine Manufacturing accounts for approximately 1.2% of Gamco Investors INC. ET AL’s holdings, making the stock its 7th largest holding. Gamco Investors INC. ET AL’s holdings in Modine Manufacturing were worth $119,495,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in shares of Modine Manufacturing during the first quarter valued at about $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Modine Manufacturing in the 4th quarter valued at approximately $25,000. Spire Wealth Management acquired a new stake in Modine Manufacturing in the 4th quarter worth approximately $27,000. Sunbelt Securities Inc. acquired a new stake in Modine Manufacturing in the 3rd quarter worth approximately $39,000. Finally, Danske Bank A S purchased a new stake in Modine Manufacturing during the 3rd quarter worth approximately $43,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Zacks Research lowered shares of Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. B. Riley Financial lifted their price objective on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. KeyCorp lifted their price objective on shares of Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. 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. Finally, Oppenheimer upped their target price on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $327.14.
Insider Activity
In other news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction on 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 sale, the director owned 42,350 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction on 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 sale, the insider owned 28,364 shares in the company, valued at $8,369,081.84. The trade was a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,302 shares of company stock valued at $15,928,759 in the last ninety days. Insiders own 1.92% of the company’s stock.
Modine Manufacturing Price Performance
Shares of NYSE MOD opened at $241.46 on Friday. The business’s 50 day moving average price is $262.07 and its 200 day moving average price is $227.62. The firm has a market cap of $12.82 billion, a P/E ratio of 107.80, a P/E/G ratio of 0.81 and a beta of 1.67. Modine Manufacturing Company has a 52 week low of $98.90 and a 52 week high of $323.25. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.
Modine Manufacturing (NYSE:MOD – Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company had revenue of $954.40 million for the quarter, compared to the consensus estimate of $920.67 million. During the same quarter in the prior year, the company earned $1.12 EPS. Modine Manufacturing’s quarterly revenue was up 47.5% on a year-over-year basis. On average, sell-side analysts expect that Modine Manufacturing Company will post 7.72 earnings per share for the current year.
Modine Manufacturing 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.
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