Assenagon Asset Management S.A. Acquires Shares of 45,005 Modine Manufacturing Company $MOD

Key Points

• Assenagon Asset Management disclosed a new Q1 position in Modine Manufacturing, buying 45,005 shares worth about $9.75 million and representing roughly 0.09% of the company.
• Modine’s latest quarterly results were strong, with EPS of $1.71 topping estimates and revenue of $954.4 million beating expectations; revenue also jumped 47.5% year over year.
• Analyst sentiment remains positive, with several firms raising targets and the stock carrying a Moderate Buy consensus and an average price target of $327.14.

Assenagon Asset Management S.A. bought a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 45,005 shares of the auto parts company's stock, valued at approximately $9,753,000. Assenagon Asset Management S.A. owned about 0.09% of Modine Manufacturing at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Campbell Newman Asset Management Inc. lifted its position in shares of Modine Manufacturing by 1.4% during the 1st quarter. Campbell Newman Asset Management Inc. now owns 31,169 shares of the auto parts company's stock worth $6,755,000 after buying an additional 445 shares during the last quarter. Hsbc Holdings PLC grew its position in Modine Manufacturing by 113.6% in the fourth quarter. Hsbc Holdings PLC now owns 5,086 shares of the auto parts company's stock valued at $679,000 after acquiring an additional 2,705 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Modine Manufacturing by 135.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,972 shares of the auto parts company's stock worth $263,000 after acquiring an additional 1,135 shares in the last quarter. World Investment Advisors acquired a new position in Modine Manufacturing during the fourth quarter worth about $211,000. Finally, DUTCH ASSET Corp acquired a new position in Modine Manufacturing during the fourth quarter worth about $1,124,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Transactions at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares in the company, valued at $12,219,669. The trade was a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 54,302 shares of company stock worth $15,928,759. Company insiders own 2.48% of the company's stock.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $255.80 on Monday. The firm has a market capitalization of $13.51 billion, a price-to-earnings ratio of 114.20, a PEG ratio of 0.83 and a beta of 1.65. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. The business's 50-day moving average price is $270.27 and its 200-day moving average price is $214.28. Modine Manufacturing Company has a 12 month low of $86.48 and a 12 month high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million during the quarter, compared to the consensus estimate of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm's revenue was up 47.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 earnings per share. Equities research analysts forecast that Modine Manufacturing Company will post 7.73 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on MOD. UBS Group raised their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. KeyCorp raised their target price on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research report on Wednesday, May 27th. Oppenheimer boosted their target price on shares of 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 reiterated a "buy" rating and set a $428.00 price target 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 given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $327.14.

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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