Baird Financial Group Inc. Purchases 9,018 Shares of Modine Manufacturing Company $MOD

Key Points

• Baird Financial Group increased its Modine Manufacturing stake by 739.2% in the second quarter, acquiring 9,018 additional shares and bringing its holdings to 10,238 shares valued at approximately $2.7 million.
• Institutional ownership remains high at 95.23%, with BlackRock, Paradigm Capital Management, Janus Henderson, and Jupiter Topco among other investors adding significant positions.
• Modine reported quarterly earnings of $1.53 per share, beating estimates of $1.27, 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.

Baird Financial Group Inc. increased its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 739.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,238 shares of the auto parts company's stock after acquiring an additional 9,018 shares during the quarter. Baird Financial Group Inc.'s holdings in Modine Manufacturing were worth $2,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MOD. BlackRock Inc. purchased a new stake in shares of Modine Manufacturing during the 2nd quarter valued at approximately $765,540,000. Capital Research Global Investors raised its holdings in Modine Manufacturing by 13.8% during the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company's stock valued at $197,358,000 after acquiring an additional 179,617 shares during the period. Paradigm Capital Management Inc. NY purchased a new stake in shares of Modine Manufacturing during the second quarter worth $388,140,000. Janus Henderson Group PLC lifted its position in shares of Modine Manufacturing by 2,249.9% during the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock worth $113,459,000 after acquiring an additional 501,229 shares in the last quarter. Finally, Jupiter Topco LLC purchased a new stake in shares of Modine Manufacturing during the second quarter worth $123,873,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Up 1.2%

Shares of NYSE:MOD opened at $181.06 on Thursday. The firm has a market capitalization of $9.62 billion, a PE ratio of 68.07, a price-to-earnings-growth ratio of 0.58 and a beta of 1.74. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a 52-week low of $111.18 and a 52-week high of $323.25. The firm has a fifty day moving average of $203.74 and a 200 day moving average of $232.14.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share 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 the consensus estimate of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company's revenue for the quarter was up 28.0% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. As a group, research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MOD. KeyCorp reiterated an "overweight" rating and issued a $280.00 price target on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. B. Riley Financial reissued a "buy" rating and set a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Glj Research restated a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a research note on Monday, June 1st. UBS Group lifted their target price on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Company Profile

Modine Manufacturing Company NYSE: MOD is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.

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