Algert Global LLC Buys 26,850 Shares of Modine Manufacturing Company $MOD

Key Points

• Algert Global increased its Modine Manufacturing stake by 75.1% in the second quarter, buying 26,850 shares to hold 62,590 shares worth about $16.7 million. Institutional investors collectively own 95.23% of MOD.
• Modine insiders sold 54,302 shares valued at approximately $15.9 million over the past three months, including a 38,282-share sale by Vice President Brian Jon Agen under a Rule 10b5-1 plan.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $320.14 price target, while MOD recently opened at $188.48. The company also beat quarterly EPS estimates, reporting $1.53 versus the $1.27 consensus, with revenue up 28% year over year.

Algert Global LLC boosted its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 75.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,590 shares of the auto parts company's stock after buying an additional 26,850 shares during the quarter. Algert Global LLC owned approximately 0.12% of Modine Manufacturing worth $16,713,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MOD. Lazard Asset Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter worth approximately $1,722,000. Robinhood Asset Management LLC purchased a new stake in shares of Modine Manufacturing during the second quarter valued at approximately $8,848,000. Ranger Investment Management L.P. purchased a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $15,557,000. Allspring Global Investments Holdings LLC lifted its holdings in Modine Manufacturing by 253.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company's stock worth $68,230,000 after acquiring an additional 219,373 shares during the period. Finally, Lisanti Capital Growth LLC bought a new stake in Modine Manufacturing during the second quarter worth $6,402,000. 95.23% of the stock is currently owned by institutional investors.

Insider Transactions at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of the business's 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 sale, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value 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 trade represents a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,302 shares of company stock valued at $15,928,759 over the last three months. Company insiders own 1.92% of the company's stock.

Wall Street Analyst Weigh In

MOD has been the topic of several research analyst reports. Glj Research reissued a "buy" rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. 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 report on Thursday, July 30th. Oppenheimer lifted their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a research note on Thursday, May 28th. Weiss Ratings upgraded Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, May 28th. Finally, KeyCorp cut their price target on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.14.

Modine Manufacturing Stock Down 4.7%

MOD stock opened at $188.48 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 70.86, a PEG ratio of 0.65 and a beta of 1.71. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The stock has a fifty day moving average of $230.48 and a 200-day moving average of $236.23.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $874.10 million for the quarter, compared to analysts' expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm's quarterly revenue was up 28.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. As a group, equities research analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current 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.

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