Cetera Investment Advisers Grows Position in Modine Manufacturing Company (NYSE:MOD)

Key Points

• Cetera Investment Advisers increased its stake in Modine Manufacturing by 40.6% during the first quarter, owning 13,520 shares worth approximately $1,038,000 at the end of the reporting period.
• Insider trading activity has seen significant sell-offs, with EVP Michael B. Lucareli selling 80,661 shares for over $10 million, reducing his position by 54.66%.
• Modine Manufacturing reported earnings of $1.06 per share, exceeding expectations, with a revenue of $682.80 million, marking a 3.2% increase year-over-year.

Cetera Investment Advisers grew its stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 40.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,520 shares of the auto parts company's stock after buying an additional 3,904 shares during the period. Cetera Investment Advisers' holdings in Modine Manufacturing were worth $1,038,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MOD. Envestnet Asset Management Inc. boosted its holdings in Modine Manufacturing by 3.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 50,834 shares of the auto parts company's stock valued at $5,893,000 after acquiring an additional 1,852 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Modine Manufacturing in the fourth quarter worth about $19,719,000. Summit Investment Advisors Inc. increased its holdings in Modine Manufacturing by 2.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock valued at $613,000 after buying an additional 146 shares during the last quarter. Barclays PLC increased its holdings in Modine Manufacturing by 9.3% in the fourth quarter. Barclays PLC now owns 100,769 shares of the auto parts company's stock valued at $11,682,000 after buying an additional 8,534 shares during the last quarter. Finally, Portolan Capital Management LLC increased its holdings in Modine Manufacturing by 57.5% in the fourth quarter. Portolan Capital Management LLC now owns 328,899 shares of the auto parts company's stock valued at $38,129,000 after buying an additional 120,133 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MOD. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. KeyCorp upped their target price on Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, Oppenheimer upped their target price on Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st.

Insider Buying and Selling

In other Modine Manufacturing news, EVP Michael B. Lucareli sold 80,661 shares of Modine Manufacturing stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $128.33, for a total transaction of $10,351,226.13. Following the completion of the sale, the executive vice president owned 66,920 shares of the company's stock, valued at approximately $8,587,843.60. The trade was a 54.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian Jon Agen sold 47,939 shares of Modine Manufacturing stock in a transaction 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 sale, the vice president directly owned 90,015 shares of the company's stock, valued at $9,946,657.50. This represents a 34.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 174,800 shares of company stock valued at $21,991,034 in the last quarter. 2.48% of the stock is currently owned by corporate insiders.

Modine Manufacturing Trading Down 1.3%

Modine Manufacturing stock opened at $134.38 on Tuesday. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 0.87 and a beta of 2.12. The company's fifty day moving average price is $103.77 and its two-hundred day moving average price is $93.07. Modine Manufacturing Company has a one year low of $64.79 and a one year high of $146.84. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.06 and a quick ratio of 1.28.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The auto parts company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $682.80 million for the quarter, compared to the consensus estimate of $653.80 million. Modine Manufacturing had a return on equity of 23.90% and a net margin of 7.21%. The firm's revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business posted $1.04 earnings per share. On average, analysts forecast that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

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.

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