Expect Equity LLC Acquires New Stake in Modine Manufacturing Company $MOD

Key Points

• Expect Equity LLC acquired 6,361 Modine Manufacturing shares worth approximately $1.7 million in the second quarter, joining several other institutional investors that recently initiated positions. Institutional investors and hedge funds now own 95.23% of the company.
• Analysts remain broadly optimistic, with seven Buy ratings and two Hold ratings. Modine has a “Moderate Buy” consensus rating and an average price target of $320.14.
• Modine’s latest quarterly results exceeded expectations, with EPS of $1.53 versus the $1.27 consensus and revenue up 28% year over year to $874.1 million. However, insiders sold 54,302 shares worth about $15.9 million during the last quarter.

Expect Equity LLC acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,361 shares of the auto parts company's stock, valued at approximately $1,699,000.

Several other institutional investors have also recently added to or reduced their stakes in MOD. Castleark Management LLC purchased a new position in Modine Manufacturing in the 2nd quarter valued at about $7,469,000. Nicholas Investment Partners LP purchased a new stake in shares of Modine Manufacturing during the second quarter worth about $29,709,000. SIR Capital Management L.P. purchased a new stake in shares of Modine Manufacturing during the second quarter worth about $10,452,000. Legal & General Group Plc acquired a new position in shares of Modine Manufacturing in the second quarter valued at approximately $12,033,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Modine Manufacturing during the second quarter valued at approximately $4,478,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Glj Research restated a "buy" rating and set a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. B. Riley Financial reiterated a "buy" rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Weiss Ratings raised Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, May 28th. DA Davidson restated a "buy" rating and set a $330.00 price objective on shares of Modine Manufacturing in a report on Monday, June 22nd. Finally, UBS Group lifted their price objective on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Price Performance

MOD opened at $188.29 on Wednesday. The company's 50 day simple moving average is $228.54 and its 200 day simple moving average is $236.15. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25. The stock has a market capitalization of $10.00 billion, a PE ratio of 70.78, a P/E/G ratio of 0.62 and a beta of 1.71.

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

Insider Buying and Selling at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares of the company's stock, valued at $8,369,081.84. The trade was a 3.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Jon Agen sold 38,282 shares of the company'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 of the company's stock, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 in the last quarter. 1.92% of the stock is owned by insiders.

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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