Bank of New York Mellon Corp Acquires Shares of 187,587 Modine Manufacturing Company $MOD

Key Points

• Bank of New York Mellon acquired 187,587 Modine Manufacturing shares worth approximately $50.1 million, giving it a 0.35% stake. Institutional investors collectively own 95.23% of the company.
• Analysts maintain a “Moderate Buy” consensus, with seven Buy ratings and two Holds and an average price target of $320.14, although KeyCorp recently cut its target to $280.
• Modine exceeded quarterly EPS expectations, reporting $1.53 versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million. The stock opened at $187.03, well below its 52-week high of $323.25.

Bank of New York Mellon Corp bought a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 187,587 shares of the auto parts company's stock, valued at approximately $50,089,000. Bank of New York Mellon Corp owned approximately 0.35% of Modine Manufacturing at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MOD. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Modine Manufacturing by 26.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company's stock worth $2,857,000 after acquiring an additional 7,831 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Modine Manufacturing by 8.3% during the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company's stock valued at $6,767,000 after acquiring an additional 5,244 shares during the last quarter. State Street Corp lifted its holdings in Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company's stock worth $128,985,000 after buying an additional 53,351 shares during the period. Qube Research & Technologies Ltd lifted its stake in Modine Manufacturing by 106.3% in the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company's stock worth $15,890,000 after acquiring an additional 83,105 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Modine Manufacturing by 70.8% during the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company's stock valued at $30,501,000 after purchasing an additional 128,348 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

MOD has been the subject of a number of recent research reports. Glj Research reissued a "buy" rating and set a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday. DA Davidson reiterated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Wall Street Zen cut shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, KeyCorp cut their price target on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. Seven 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.14.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $187.03 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 company has a market capitalization of $9.93 billion, a PE ratio of 70.31, a price-to-earnings-growth ratio of 0.61 and a beta of 1.71. The stock's fifty day moving average is $224.41 and its two-hundred day moving average is $235.83. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping 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 business had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. During the same quarter in the prior year, the company earned $0.95 EPS. The business's revenue was up 28.0% compared to the same quarter last year. As a group, analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the sale, the director owned 42,350 shares of the company's stock, valued at approximately $12,219,669. The trade was a 26.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by 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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