Kornitzer Capital Management Inc. KS Has $5.23 Million Holdings in Modine Manufacturing Company $MOD

Key Points

• Kornitzer Capital Management cut its Modine Manufacturing stake by 57.9% in the first quarter, leaving it with 24,140 shares worth about $5.23 million.
• Several analysts remain bullish on Modine, with firms like KeyCorp, Oppenheimer, Glj Research, and UBS raising price targets; the stock currently has a Moderate Buy consensus and an average target of $327.14.
• Modine reported strong quarterly results, posting $1.71 EPS versus the $1.51 estimate and 47.5% revenue growth year over year, even as insiders sold shares and the stock traded at $246.41 in recent trading.

Kornitzer Capital Management Inc. KS trimmed its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 57.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 24,140 shares of the auto parts company's stock after selling 33,230 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Modine Manufacturing were worth $5,231,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. World Investment Advisors raised its position in Modine Manufacturing by 4.1% in the first quarter. World Investment Advisors now owns 1,643 shares of the auto parts company's stock valued at $356,000 after purchasing an additional 65 shares during the last quarter. Xponance LLC increased its stake in shares of Modine Manufacturing by 1.7% in the fourth quarter. Xponance LLC now owns 4,424 shares of the auto parts company's stock valued at $591,000 after buying an additional 75 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Modine Manufacturing by 3.4% in the fourth quarter. State of Alaska Department of Revenue now owns 3,156 shares of the auto parts company's stock valued at $421,000 after buying an additional 103 shares during the period. NewEdge Advisors LLC raised its holdings in Modine Manufacturing by 18.3% in the 4th quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company's stock valued at $91,000 after buying an additional 105 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in Modine Manufacturing in the 1st quarter valued at approximately $25,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Transactions at Modine Manufacturing

In other news, VP Brian Jon Agen sold 38,282 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were 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 $19,582,463.31. This trade represents a 36.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing 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 owned 28,364 shares of the company's stock, valued at $8,369,081.84. This represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 in the last quarter. 2.48% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. KeyCorp boosted their target price on shares of Modine Manufacturing from $250.00 to $370.00 and gave the stock an "overweight" rating in a report on Wednesday, May 27th. Oppenheimer raised their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Glj Research reiterated a "buy" rating and set a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. UBS Group boosted 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. Finally, Weiss Ratings upgraded Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Modine Manufacturing presently has an average rating of "Moderate Buy" and a consensus target price of $327.14.

Modine Manufacturing Trading Up 1.2%

Shares of Modine Manufacturing stock traded up $2.91 on Friday, hitting $246.41. 923,925 shares of the company's stock traded hands, compared to its average volume of 1,695,033. The company has a fifty day moving average of $269.77 and a two-hundred day moving average of $220.62. Modine Manufacturing Company has a one year low of $88.48 and a one year high of $323.25. The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of 110.01, a price-to-earnings-growth ratio of 0.80 and a beta of 1.67. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25.

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

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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