23,975 Shares in Modine Manufacturing Company $MOD Purchased by Lisanti Capital Growth LLC

Key Points

• Lisanti Capital Growth purchased 23,975 Modine Manufacturing shares worth approximately $6.4 million, while institutional investors and hedge funds collectively own 95.23% of the company.
• Modine exceeded quarterly EPS expectations, reporting $1.53 versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million, slightly below estimates.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds and a consensus price target of $320.14, although several firms recently cut their targets; insiders sold roughly $15.9 million in shares over the past 90 days.

Lisanti Capital Growth LLC bought a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,975 shares of the auto parts company's stock, valued at approximately $6,402,000. Modine Manufacturing accounts for about 1.4% of Lisanti Capital Growth LLC's investment portfolio, making the stock its 23rd largest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new stake in Modine Manufacturing during the first quarter worth $1,722,000. Ranger Investment Management L.P. acquired a new position in shares of Modine Manufacturing in the 1st quarter valued at $15,557,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Modine Manufacturing by 253.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company's stock valued at $68,230,000 after purchasing an additional 219,373 shares during the last quarter. DUTCH ASSET Corp lifted its stake in shares of Modine Manufacturing by 122.2% in the 1st quarter. DUTCH ASSET Corp now owns 18,709 shares of the auto parts company's stock valued at $4,055,000 after purchasing an additional 10,290 shares during the last quarter. Finally, Van Berkom & Associates Inc. grew its holdings in shares of Modine Manufacturing by 3,145.2% during the 4th quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company's stock worth $58,222,000 after purchasing an additional 422,646 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $194.59 on Thursday. The stock has a market capitalization of $10.33 billion, a price-to-earnings ratio of 73.16, a price-to-earnings-growth ratio of 0.66 and a beta of 1.71. 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 business has a 50-day moving average of $235.59 and a 200 day moving average of $236.26. Modine Manufacturing Company has a 12 month low of $111.18 and a 12 month high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%. The business's revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, sell-side analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MOD shares. Weiss Ratings raised Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 28th. B. Riley Financial reaffirmed a "buy" rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Oppenheimer lifted their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, May 28th. KeyCorp reduced their price target on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. 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 a consensus price target of $320.14.

Insider Buying and Selling

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the 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 sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the firm's 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 transaction, the director directly owned 42,350 shares of the company's stock, valued at $12,219,669. This represents a 26.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,302 shares of company stock valued at $15,928,759 in the last ninety days. Company insiders own 1.92% of the company's stock.

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.

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