BlackRock Inc. Invests $765.54 Million in Modine Manufacturing Company $MOD

Key Points

• BlackRock acquired 2.87 million Modine Manufacturing shares worth approximately $765.5 million, giving it a 5.4% stake. Institutional investors and hedge funds collectively own 95.23% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds, resulting in a “Moderate Buy” consensus and an average price target of $320.14.
• Modine reported quarterly adjusted EPS of $1.53, beating estimates of $1.27, while revenue rose 28% year over year to $874.1 million. Insiders, however, sold 54,302 shares worth about $15.9 million over the past 90 days.

BlackRock Inc. bought a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,866,977 shares of the auto parts company's stock, valued at approximately $765,540,000. BlackRock Inc. owned 5.40% of Modine Manufacturing at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Invesco Ltd. increased its stake in Modine Manufacturing by 120.4% during 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 during the period. Price T Rowe Associates Inc. MD boosted its position in Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock valued at $311,503,000 after buying an additional 560,131 shares during the last quarter. WT Asset Management Ltd purchased a new position in Modine Manufacturing in the 4th quarter valued at about $69,255,000. Janus Henderson Group PLC grew its stake 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 valued at $113,459,000 after acquiring an additional 501,229 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Modine Manufacturing during the fourth quarter valued at about $58,309,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MOD has been the topic of several recent analyst reports. UBS Group boosted their price target on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. KeyCorp lowered 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. Glj Research reaffirmed a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. Oppenheimer raised their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Finally, B. Riley Financial restated a "buy" rating and issued a $305.00 price target (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 given a Hold rating to the stock. According to data from MarketBeat.com, Modine Manufacturing presently has an average rating of "Moderate Buy" and an average price target of $320.14.

Insiders Place Their Bets

In other news, Director Eric D. Ashleman sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, the insider directly owned 28,364 shares of the company's stock, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 over the last 90 days. 1.92% of the stock is owned by company insiders.

Modine Manufacturing Trading Up 3.8%

NYSE:MOD opened at $198.03 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 business's 50 day moving average is $232.44 and its two-hundred day moving average is $236.03. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25. The company has a market cap of $10.52 billion, a PE ratio of 74.45, a P/E/G ratio of 0.65 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business's revenue was up 28.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. On average, analysts predict that Modine Manufacturing Company will post 7.65 EPS for the current year.

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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