Assetmark Inc. Increases Stock Holdings in Modine Manufacturing Company (NYSE:MOD)

Key Points

• Assetmark Inc. increased its stake in Modine Manufacturing by 37.0% during the first quarter, owning 12,317 shares worth approximately $945,000 at the end of the period.
• Wall Street analysts are bullish on Modine Manufacturing, with multiple upgrades, resulting in an average price target of $141.75 and a consensus rating of "Buy."
• Modine Manufacturing reported better-than-expected earnings, with earnings per share of $1.06, surpassing estimates of $0.93, and year-over-year revenue growth of 3.2%.

Assetmark Inc. raised its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 37.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,317 shares of the auto parts company's stock after purchasing an additional 3,327 shares during the quarter. Assetmark Inc.'s holdings in Modine Manufacturing were worth $945,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MOD. GAMMA Investing LLC boosted its holdings in Modine Manufacturing by 63.1% during the 1st quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after acquiring an additional 142 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Modine Manufacturing by 245.9% during the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock worth $32,000 after acquiring an additional 300 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Modine Manufacturing during the 1st quarter worth $46,000. First Horizon Advisors Inc. boosted its holdings in Modine Manufacturing by 442.4% during the 1st quarter. First Horizon Advisors Inc. now owns 640 shares of the auto parts company's stock worth $49,000 after acquiring an additional 522 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in Modine Manufacturing by 14.2% during the 1st quarter. IFP Advisors Inc now owns 911 shares of the auto parts company's stock worth $70,000 after acquiring an additional 113 shares during the last quarter. Institutional investors own 95.23% of the company's stock.

Modine Manufacturing Stock Performance

NYSE MOD traded down $1.32 during trading on Friday, hitting $133.24. 1,996,069 shares of the company's stock traded hands, compared to its average volume of 1,430,130. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 0.88 and a beta of 2.12. Modine Manufacturing Company has a 12-month low of $64.79 and a 12-month 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. The business has a 50 day moving average of $98.25 and a 200-day moving average of $93.61.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The auto parts company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Modine Manufacturing had a net margin of 7.21% and a return on equity of 24.82%. The business had revenue of $682.80 million for the quarter, compared to the consensus estimate of $653.80 million. During the same period in the prior year, the firm earned $1.04 earnings per share. The company's revenue was up 3.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on MOD. 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 report on Tuesday, July 1st. KeyCorp boosted their price target on shares of Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday.

Insider Transactions at Modine Manufacturing

In related news, EVP Michael B. Lucareli sold 5,778 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $115.00, for a total value of $664,470.00. Following the transaction, the executive vice president directly owned 121,142 shares in the company, valued at approximately $13,931,330. This represents a 4.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian Jon Agen sold 47,939 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the completion of the transaction, the vice president owned 90,015 shares in the company, valued at approximately $9,946,657.50. This trade represents a 34.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.48% of the company's stock.

About Modine Manufacturing

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.