Geneva Partners LLC Makes New Investment in Modine Manufacturing Company $MOD

Key Points

• Geneva Partners LLC initiated a new position in Modine Manufacturing, buying 32,275 shares worth about $6.99 million. The stake represents about 3.4% of Geneva’s portfolio and 0.06% of Modine’s outstanding shares.
• Modine reported better-than-expected quarterly results, with EPS of $1.71 versus the $1.51 consensus and revenue of $954.4 million versus expectations of $920.67 million. Revenue rose 47.5% from a year earlier, and analysts still expect full-year EPS of 7.73.
• Despite strong fundamentals, insider selling has been notable: director Eric D. Ashleman and insider Eric S. Mcginnis sold shares, and insiders sold 54,302 shares over the last three months. Analysts remain generally positive, with seven Buy ratings and an average price target of $327.14.

Geneva Partners LLC purchased a new stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 32,275 shares of the auto parts company's stock, valued at approximately $6,994,000. Modine Manufacturing comprises about 3.4% of Geneva Partners LLC's investment portfolio, making the stock its 12th biggest position. Geneva Partners LLC owned 0.06% of Modine Manufacturing as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Schear Investment Advisers LLC increased its holdings in shares of Modine Manufacturing by 8.5% during the first quarter. Schear Investment Advisers LLC now owns 25,967 shares of the auto parts company's stock worth $5,627,000 after buying an additional 2,036 shares in the last quarter. Abel Hall LLC boosted its holdings in shares of Modine Manufacturing by 38.4% during the 1st quarter. Abel Hall LLC now owns 2,876 shares of the auto parts company's stock valued at $623,000 after acquiring an additional 798 shares in the last quarter. AdvisorShares Investments LLC grew its position in Modine Manufacturing by 70.0% during the 1st quarter. AdvisorShares Investments LLC now owns 1,134 shares of the auto parts company's stock worth $246,000 after acquiring an additional 467 shares during the last quarter. Praxis Investment Management Inc. acquired a new position in Modine Manufacturing in the 1st quarter worth about $340,000. Finally, Koshinski Asset Management Inc. acquired a new position in Modine Manufacturing in the 1st quarter worth about $546,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value 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. The trade was a 26.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric S. Mcginnis sold 1,020 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 54,302 shares of company stock worth $15,928,759. 2.48% of the stock is owned by corporate insiders.

Modine Manufacturing Trading Down 2.0%

MOD opened at $230.60 on Wednesday. Modine Manufacturing Company has a twelve month low of $86.48 and a twelve month high of $323.25. The company has a fifty day moving average of $269.56 and a 200-day moving average of $218.97. The stock has a market cap of $12.18 billion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 0.76 and a beta of 1.67. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.51 by $0.20. The business had revenue of $954.40 million for the quarter, compared to analysts' expectations of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The business's quarterly revenue was up 47.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 earnings per share. On average, sell-side analysts predict that Modine Manufacturing Company will post 7.73 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MOD shares. Wall Street Zen raised Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. Zacks Research downgraded shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. B. Riley Financial boosted their target price on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. UBS Group upped their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Finally, DA Davidson reaffirmed a "buy" rating and set a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $327.14.

About Modine Manufacturing

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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