354,751 Shares in Modine Manufacturing Company $MOD Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 354,751 Modine Manufacturing shares worth approximately $94.7 million, giving it a 0.67% stake. Institutional investors collectively owned 95.23% of the company.
• Analysts remain broadly bullish, with seven Buy ratings and two Holds. Modine has a “Moderate Buy” consensus rating and an average price target of $320.14.
• Modine’s latest quarterly results exceeded expectations, with EPS of $1.53 versus the $1.27 consensus and revenue up 28% year over year to $874.1 million.

Bank of America Corp DE purchased a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 354,751 shares of the auto parts company's stock, valued at approximately $94,726,000. Bank of America Corp DE owned 0.67% of Modine Manufacturing at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MOD. The Manufacturers Life Insurance Company bought a new stake in Modine Manufacturing in the second quarter valued at $4,478,000. Lazard Asset Management LLC bought a new stake in shares of Modine Manufacturing in the 1st quarter worth about $1,722,000. Robinhood Asset Management LLC bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth about $8,848,000. Ranger Investment Management L.P. acquired a new stake in shares of Modine Manufacturing during the 1st quarter worth about $15,557,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Modine Manufacturing by 253.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company's stock worth $68,230,000 after purchasing an additional 219,373 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MOD shares. UBS Group boosted their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. DA Davidson reiterated a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. KeyCorp reaffirmed an "overweight" rating and set a $280.00 price target on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Oppenheimer boosted their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Finally, Glj Research restated a "buy" rating and set a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. Seven investment 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 company has an average rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Stock Up 2.4%

NYSE:MOD opened at $189.27 on Friday. The stock has a 50-day simple moving average of $201.44 and a 200 day simple moving average of $231.55. Modine Manufacturing Company has a 52-week low of $111.18 and a 52-week high of $323.25. The company has a market cap of $10.05 billion, a PE ratio of 71.15, a PEG ratio of 0.60 and a beta of 1.74. 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 - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. During the same quarter in the prior year, the firm posted $0.95 EPS. The business's revenue was up 28.0% on a year-over-year basis. On average, sell-side analysts expect that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Modine Manufacturing Company Profile

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.

Want to see what other hedge funds are holding MOD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Modine Manufacturing Company (NYSE:MOD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.