Cynosure Group LLC Boosts Stock Position in Modine Manufacturing Company (NYSE:MOD)

Key Points

• Cynosure Group LLC increased its stake in Modine Manufacturing Company by 73.4% in Q1, owning a total of 4,390 shares valued at approximately $337,000.
• Several hedge funds have boosted their positions in Modine, with prominent increases including a 108.0% rise from Wasatch Advisors LP in Q4.
• Modine Manufacturing reported a Q2 earnings per share of $1.06, surpassing the consensus estimate of $0.93, with revenue increasing by 3.2% year-over-year.

Cynosure Group LLC increased its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 73.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,390 shares of the auto parts company's stock after acquiring an additional 1,858 shares during the period. Cynosure Group LLC's holdings in Modine Manufacturing were worth $337,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Modine Manufacturing by 2.5% in the first quarter. Vanguard Group Inc. now owns 5,187,554 shares of the auto parts company's stock worth $398,145,000 after acquiring an additional 128,587 shares during the period. Driehaus Capital Management LLC grew its position in Modine Manufacturing by 2.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,439,980 shares of the auto parts company's stock worth $166,937,000 after acquiring an additional 39,193 shares during the period. Wasatch Advisors LP grew its position in Modine Manufacturing by 108.0% in the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock worth $165,596,000 after acquiring an additional 741,667 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Modine Manufacturing by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company's stock worth $139,949,000 after acquiring an additional 262,936 shares during the period. Finally, Reinhart Partners LLC. grew its position in Modine Manufacturing by 187.3% in the first quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company's stock worth $67,220,000 after acquiring an additional 571,026 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on MOD. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. KeyCorp increased their price objective 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 raised their price target on Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 1st.

Modine Manufacturing Trading Up 1.1%

MOD opened at $136.61 on Monday. Modine Manufacturing Company has a 52 week low of $64.79 and a 52 week high of $146.84. The business has a fifty day simple moving average of $102.86 and a 200-day simple moving average of $93.06. The firm has a market cap of $7.17 billion, a P/E ratio of 39.14, a P/E/G ratio of 0.87 and a beta of 2.12. The company has a quick ratio of 1.28, a current ratio of 2.06 and a debt-to-equity ratio of 0.47.

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

Insider Buying and Selling at Modine Manufacturing

In other news, EVP Michael B. Lucareli sold 80,661 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $128.33, for a total value of $10,351,226.13. Following the sale, the executive vice president directly owned 66,920 shares in the company, valued at approximately $8,587,843.60. This trade represents a 54.66% decrease in their ownership of the stock. The sale 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 the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $110.50, for a total value of $5,297,259.50. Following the completion of the sale, the vice president owned 90,015 shares in the company, valued at approximately $9,946,657.50. The trade was a 34.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,800 shares of company stock valued at $21,991,034. Company insiders own 2.48% of the company's stock.

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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