Cibc World Market Inc. Acquires Shares of 6,124 Modine Manufacturing Company $MOD

Key Points

• CIBC World Markets acquired 6,124 Modine Manufacturing shares during the second quarter, valued at approximately $1.64 million. Institutional investors collectively own 95.23% of the company.
• Modine reported quarterly EPS of $1.53, beating analyst estimates of $1.27, while revenue rose 28% year over year to $874.1 million, slightly below expectations.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds and a consensus price target of $320.14, although two insiders sold a combined 53,282 shares in June.

Cibc World Market Inc. acquired a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,124 shares of the auto parts company's stock, valued at approximately $1,635,000.

Several other institutional investors have also modified their holdings of MOD. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing in the first quarter valued at $25,000. Rakuten Securities Inc. purchased a new stake in Modine Manufacturing during the 2nd quarter worth about $40,000. Kemnay Advisory Services Inc. purchased a new position in shares of Modine Manufacturing in the 4th quarter valued at about $25,000. Optiver Holding B.V. increased its holdings in shares of Modine Manufacturing by 19.7% in the 1st quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company's stock valued at $51,000 after acquiring an additional 39 shares during the last quarter. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing during the 2nd quarter worth about $65,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares of the company's stock, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director owned 42,350 shares in the company, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is currently owned by company insiders.

Modine Manufacturing Stock Down 0.1%

Modine Manufacturing stock opened at $187.03 on Friday. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. The company has a market capitalization of $9.93 billion, a P/E ratio of 70.31, a PEG ratio of 0.61 and a beta of 1.71. The stock has a 50-day simple moving average of $224.41 and a 200-day simple moving average of $235.83.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released 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. The firm had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm's quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. Equities research analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Analyst Ratings Changes

MOD has been the subject of several recent analyst reports. UBS Group boosted their target price on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. DA Davidson reiterated a "buy" rating and issued a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Oppenheimer upped their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Modine Manufacturing in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Modine Manufacturing currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.14.

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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