Empowered Funds LLC Buys Shares of 132,490 Modine Manufacturing Company $MOD

Key Points

• Empowered Funds LLC acquired 132,490 Modine Manufacturing shares worth approximately $35.4 million, taking a 0.25% stake. Institutional investors collectively own 95.23% of the company.
• Modine reported quarterly EPS of $1.53, beating estimates of $1.27, while revenue rose 28% year over year to $874.1 million, slightly below expectations.
• Despite recent insider selling and the stock opening at $187.03, analysts maintain a “Moderate Buy” consensus with an average price target of $320.14; seven analysts rate it Buy and two rate it Hold.

Empowered Funds LLC purchased a new position in Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 132,490 shares of the auto parts company's stock, valued at approximately $35,377,000. Empowered Funds LLC owned 0.25% of Modine Manufacturing at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. United Capital Financial Advisors LLC bought a new stake in Modine Manufacturing during the second quarter worth approximately $426,000. Grandeur Peak Global Advisors LLC acquired a new position in shares of Modine Manufacturing during the 2nd quarter valued at $2,378,000. Equitable Holdings Inc. bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth $517,000. Centaurus Financial Inc. bought a new stake in shares of Modine Manufacturing in the 2nd quarter worth $182,000. Finally, Formula Growth Ltd. acquired a new stake in shares of Modine Manufacturing in the second quarter valued at $3,615,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Down 0.1%

Shares of NYSE:MOD opened at $187.03 on Friday. The firm has a 50 day simple moving average of $224.41 and a 200 day simple moving average of $235.83. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 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 cap of $9.93 billion, a PE ratio of 70.31, a price-to-earnings-growth ratio of 0.61 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The company's revenue was up 28.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. As a group, research analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Insider Buying and Selling

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of the firm's stock in a transaction dated 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 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 legal filing with the SEC, which is available through this hyperlink. 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 value of $300,961.20. Following the transaction, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 54,302 shares of company stock valued at $15,928,759. Corporate insiders own 1.92% of the company's stock.

Wall Street Analyst Weigh In

MOD has been the topic of a number of research analyst reports. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. UBS Group lifted their price objective on shares of Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. KeyCorp dropped their target price on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. DA Davidson restated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. 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 report on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Modine Manufacturing currently has an average rating of "Moderate Buy" and a consensus target price 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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