Engineers Gate Manager LP Buys Shares of 23,175 Modine Manufacturing Company $MOD

Engineers Gate Manager LP purchased a new position in Modine Manufacturing Company (NYSE:MOD - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 23,175 shares of the auto parts company's stock, valued at approximately $6,188,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing during the first quarter worth approximately $25,000. Rakuten Securities Inc. acquired a new position in Modine Manufacturing in the second quarter valued at about $40,000. PenderFund Capital Management Ltd. purchased a new position in shares of Modine Manufacturing during the 2nd quarter worth approximately $42,000. Kemnay Advisory Services Inc. acquired a new position in Modine Manufacturing during the fourth quarter worth $25,000. Finally, Vega Investment Solutions purchased a new position in shares of Modine Manufacturing during the second quarter worth $52,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $188.87 on Friday. Modine Manufacturing Company has a 1-year low of $111.18 and a 1-year high of $323.25. The stock has a fifty day moving average price of $206.93 and a 200 day moving average price of $233.14. The company has a market cap of $10.03 billion, a PE ratio of 71.00, a P/E/G ratio of 0.59 and a beta of 1.74. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. The business had revenue of $874.10 million during the quarter, compared to analysts' expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company's quarterly revenue was up 28.0% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. Sell-side analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current year.

Insider Buying and Selling

In related news, insider Eric McGinnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Brian Agen sold 38,282 shares of the business's stock in a transaction 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 sale, the vice president owned 66,343 shares in the company, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on MOD shares. B. Riley Financial restated a "buy" rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. KeyCorp restated an "overweight" rating and issued a $280.00 price objective on shares of Modine Manufacturing in a report on Wednesday, September 2nd. Wall Street Zen lowered shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. DA Davidson reissued a "buy" rating and issued a $330.00 price target on shares of Modine Manufacturing in a research report on Monday, June 22nd. Finally, UBS Group upped their price objective on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Modine Manufacturing currently has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Profile

Modine Manufacturing Company NYSE: MOD is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.