CI Investments Inc. Purchases New Position in Modine Manufacturing Company $MOD

Key Points

• CI Investments Inc. opened a new position in Modine Manufacturing during the first quarter, buying 74,712 shares worth about $16.2 million.
• Several other institutional investors also increased or initiated stakes, and institutions now own about 95.23% of Modine’s stock.
• Analysts remain generally positive: Modine has an average “Moderate Buy” rating with a consensus price target of $327.14, while the company recently beat quarterly earnings and revenue estimates.

CI Investments Inc. acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,712 shares of the auto parts company's stock, valued at approximately $16,191,000. CI Investments Inc. owned about 0.14% of Modine Manufacturing at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Invesco Ltd. raised its stake in shares of Modine Manufacturing by 120.4% in the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock worth $176,037,000 after acquiring an additional 720,389 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Modine Manufacturing by 31.6% during the fourth 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 purchasing an additional 560,131 shares during the last quarter. WT Asset Management Ltd acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $69,255,000. Norges Bank acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $58,309,000. Finally, Van Berkom & Associates Inc. raised its position in Modine Manufacturing by 3,145.2% in the 4th quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company's stock worth $58,222,000 after purchasing an additional 422,646 shares during the last quarter. Institutional investors own 95.23% of the company's stock.

Insiders Place Their Bets

In related 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 completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the firm'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 value of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares of the company's stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MOD shares. Zacks Research cut Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. KeyCorp upped their target price on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research report on Wednesday, May 27th. Weiss Ratings raised shares of Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, May 28th. B. Riley Financial lifted their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Finally, UBS Group boosted their price target on shares of Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Modine Manufacturing currently has an average rating of "Moderate Buy" and an average price target of $327.14.

Modine Manufacturing Trading Up 1.0%

Modine Manufacturing stock opened at $249.51 on Thursday. The company has a market cap of $13.25 billion, a price-to-earnings ratio of 111.39, a P/E/G ratio of 0.80 and a beta of 1.67. The firm has a 50-day moving average of $263.53 and a 200-day moving average of $226.75. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. Modine Manufacturing Company has a one year low of $94.55 and a one year high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm had revenue of $954.40 million during the quarter, compared to analysts' expectations of $920.67 million. During the same period in the prior year, the firm posted $1.12 earnings per share. The business's quarterly revenue was up 47.5% compared to the same quarter last year. On average, equities analysts expect that Modine Manufacturing Company will post 7.72 earnings per share for the current fiscal 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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