Bank of America Corp DE Decreases Holdings in Modine Manufacturing Company $MOD

Key Points

• Bank of America reduced its Modine Manufacturing stake by 6.6% in the first quarter, selling 27,771 shares and retaining 393,860 shares worth approximately $85.4 million. Institutional investors and hedge funds collectively own 95.23% of the company.
• Modine reported quarterly earnings of $1.53 per share, exceeding estimates of $1.27, while revenue increased 28% year over year to $874.1 million. Analysts expect full-year earnings of $7.65 per share.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $320.14, although insiders sold roughly $15.9 million of shares over the past 90 days.

Bank of America Corp DE reduced its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 6.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393,860 shares of the auto parts company's stock after selling 27,771 shares during the period. Bank of America Corp DE owned about 0.75% of Modine Manufacturing worth $85,353,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in Modine Manufacturing by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company's stock valued at $384,415,000 after purchasing an additional 130,511 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock worth $311,503,000 after buying an additional 560,131 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of Modine Manufacturing by 1.4% in the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company's stock worth $176,553,000 after buying an additional 23,955 shares in the last quarter. Capital Research Global Investors boosted its position in shares of Modine Manufacturing by 13.8% in the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company's stock worth $197,358,000 after buying an additional 179,617 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock worth $176,037,000 after buying an additional 720,389 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Stock Up 2.0%

MOD opened at $196.31 on Friday. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. The firm has a market cap of $10.43 billion, a P/E ratio of 73.80, a PEG ratio of 0.64 and a beta of 1.71. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25. The business's fifty day simple moving average is $248.96 and its 200 day simple moving average is $232.59.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The firm's revenue for the quarter was up 28.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. As a group, equities research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MOD shares. DA Davidson restated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. UBS Group upped their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Zacks Research lowered shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Wall Street Zen cut shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, 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 research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Modine Manufacturing currently has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Insider Transactions at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the firm's stock in a transaction that occurred on 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 sale, the vice president owned 66,343 shares in the company, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 over the last ninety days. 1.92% of the stock is currently owned by corporate insiders.

Modine Manufacturing 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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