Assenagon Asset Management S.A. Sells 18,626 Shares of Modine Manufacturing Company $MOD

Key Points

• Assenagon Asset Management cut its Modine Manufacturing stake by 41.4%, selling 18,626 shares and retaining 26,379 shares valued at approximately $7.04 million. Institutional investors still own 95.23% of the company.
• Company insiders sold 54,302 shares worth about $15.9 million over the past 90 days, including significant sales by a director and vice president under a Rule 10b5-1 plan.
• Modine reported quarterly EPS of $1.53, beating estimates by $0.26, while revenue rose 28% year over year to $874.1 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $320.14.

Assenagon Asset Management S.A. trimmed its position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 41.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,379 shares of the auto parts company's stock after selling 18,626 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Modine Manufacturing were worth $7,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MOD. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing during the first quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in Modine Manufacturing in the 4th quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new stake in Modine Manufacturing in the 3rd quarter valued at about $39,000. Danske Bank A S bought a new position in shares of Modine Manufacturing during the 3rd quarter worth approximately $43,000. Finally, Root Financial Partners LLC lifted its position in shares of Modine Manufacturing by 140.5% during the 4th quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company's stock worth $49,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

Insider Activity

In other news, Director Eric D. Ashleman sold 15,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the sale, the director directly owned 42,350 shares in the company, valued at $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 transaction of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 over the last ninety days. Company insiders own 1.92% of the company's stock.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $198.88 on Wednesday. The firm has a market capitalization of $10.56 billion, a P/E ratio of 74.77, a PEG ratio of 0.62 and a beta of 1.71. Modine Manufacturing Company has a one year low of $111.18 and a one year high of $323.25. 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 fifty day moving average price of $244.84 and a 200-day moving average price of $234.04.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating 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 company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. During the same period in the previous year, the company posted $0.95 EPS. The firm's revenue for the quarter was up 28.0% compared to the same quarter last year. As a group, equities research analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group boosted their target price on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. B. Riley Financial reiterated a "buy" rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Weiss Ratings raised Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 28th. KeyCorp reduced their price objective on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Finally, Wall Street Zen downgraded Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Modine Manufacturing presently has a consensus rating of "Moderate Buy" and a consensus price target of $320.14.

Modine Manufacturing Company Profile

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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