Allspring Global Investments Holdings LLC Cuts Holdings in Modine Manufacturing Company (NYSE:MOD)

Allspring Global Investments Holdings LLC reduced its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 34.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 102,043 shares of the auto parts company's stock after selling 54,085 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.19% of Modine Manufacturing worth $8,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MOD. Wasatch Advisors LP increased its holdings in Modine Manufacturing by 108.0% in the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after acquiring an additional 741,667 shares during the last quarter. Reinhart Partners LLC. increased its holdings in Modine Manufacturing by 187.3% in the 1st quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company's stock valued at $67,220,000 after acquiring an additional 571,026 shares during the last quarter. J. Goldman & Co LP purchased a new position in shares of Modine Manufacturing in the 4th quarter worth $43,201,000. Norges Bank purchased a new position in shares of Modine Manufacturing in the 4th quarter worth $31,590,000. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Modine Manufacturing by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company's stock worth $139,949,000 after buying an additional 262,936 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Trading Down 0.8%

Modine Manufacturing stock traded down $0.78 during trading hours on Tuesday, hitting $99.12. The company had a trading volume of 1,004,521 shares, compared to its average volume of 947,672. The firm has a market cap of $5.19 billion, a P/E ratio of 28.98, a P/E/G ratio of 0.65 and a beta of 2.04. The company has a 50-day moving average price of $95.83 and a two-hundred day moving average price of $95.58. Modine Manufacturing Company has a 1 year low of $64.79 and a 1 year high of $146.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.15 and a current ratio of 1.78.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, topping the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The company had revenue of $647.20 million for the quarter, compared to the consensus estimate of $633.13 million. During the same period last year, the business posted $0.77 EPS. Modine Manufacturing's quarterly revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on MOD shares. DA Davidson reissued a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Oppenheimer lifted their price objective on shares of Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Finally, KeyCorp began coverage on shares of Modine Manufacturing in a research note on Thursday, June 12th. They issued an "overweight" rating and a $125.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat, Modine Manufacturing has a consensus rating of "Buy" and an average price target of $135.50.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.