Front Street Capital Management Inc. Buys Shares of 71,492 Modine Manufacturing Company $MOD

Key Points

• Front Street Capital Management initiated a position in Modine Manufacturing, buying 71,492 shares valued at approximately $19.1 million. The stake represented 2.2% of its portfolio and about 0.13% of Modine’s outstanding shares.
• Modine shares opened at $188.48, down 4.7%, despite the company exceeding quarterly EPS expectations with $1.53 versus the $1.27 consensus estimate. Revenue rose 28% year over year to $874.1 million, slightly below analysts’ forecast.
• Analyst sentiment remains positive but cautious, with a “Moderate Buy” consensus and an average price target of $320.14; meanwhile, insiders sold 54,302 shares worth roughly $15.9 million during the latest quarter.

Front Street Capital Management Inc. purchased a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 71,492 shares of the auto parts company's stock, valued at approximately $19,090,000. Modine Manufacturing comprises 2.2% of Front Street Capital Management Inc.'s investment portfolio, making the stock its 17th biggest holding. Front Street Capital Management Inc. owned about 0.13% of Modine Manufacturing at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MOD. Optiver Holding B.V. increased its stake in 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 buying an additional 39 shares during the period. World Investment Advisors increased its stake in shares of Modine Manufacturing by 4.1% during the first quarter. World Investment Advisors now owns 1,643 shares of the auto parts company's stock worth $356,000 after acquiring an additional 65 shares during the period. Xponance LLC raised its holdings in Modine Manufacturing by 1.7% during the fourth quarter. Xponance LLC now owns 4,424 shares of the auto parts company's stock worth $591,000 after purchasing an additional 75 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Modine Manufacturing by 6.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company's stock valued at $386,000 after purchasing an additional 103 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in Modine Manufacturing by 18.3% during the 4th quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company's stock worth $91,000 after purchasing an additional 105 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Trading Down 4.7%

NYSE MOD opened at $188.48 on Tuesday. The company has a market cap of $10.01 billion, a P/E ratio of 70.86, a P/E/G ratio of 0.65 and a beta of 1.71. Modine Manufacturing Company has a 12 month low of $111.18 and a 12 month high of $323.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The company has a 50-day moving average of $230.48 and a 200-day moving average of $236.23.

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, topping the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million for the quarter, compared to analysts' expectations of $878.69 million. During the same period last year, the company earned $0.95 earnings per share. The company's quarterly revenue was up 28.0% on a year-over-year basis. As a group, equities analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the sale, the insider owned 28,364 shares of the company's stock, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. KeyCorp cut their price objective on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. DA Davidson reiterated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. 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. Wall Street Zen cut shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Glj Research reissued a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a research note on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Company 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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