Legal & General Group Plc Invests $12.03 Million in Modine Manufacturing Company $MOD

Key Points

• Legal & General Group acquired 45,065 Modine Manufacturing shares worth approximately $12.03 million, while institutional investors collectively own 95.23% of the company.
• Modine reported quarterly EPS of $1.53, exceeding estimates of $1.27, as revenue rose 28% year over year to $874.1 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $320.14, although the stock recently traded at $179.15 and insiders sold approximately $15.93 million in shares during the quarter.

Legal & General Group Plc bought a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 45,065 shares of the auto parts company's stock, valued at approximately $12,033,000. Legal & General Group Plc owned approximately 0.08% of Modine Manufacturing at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of Modine Manufacturing during the 1st quarter worth about $1,722,000. Robinhood Asset Management LLC acquired a new stake in Modine Manufacturing in the 2nd quarter valued at about $8,848,000. Ranger Investment Management L.P. acquired a new stake in Modine Manufacturing in the 1st quarter valued at about $15,557,000. Allspring Global Investments Holdings LLC grew its holdings in Modine Manufacturing by 253.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company's stock worth $68,230,000 after purchasing an additional 219,373 shares during the period. Finally, Lisanti Capital Growth LLC bought a new position in Modine Manufacturing during the second quarter worth about $6,402,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 0.9%

Shares of NYSE:MOD opened at $179.15 on Tuesday. The business's 50 day simple moving average is $219.73 and its 200 day simple moving average is $235.25. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year 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 market capitalization of $9.51 billion, a P/E ratio of 67.35, a P/E/G ratio of 0.58 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 for the quarter, beating analysts' consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company's revenue was up 28.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. DA Davidson restated a "buy" rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 22nd. Glj Research reiterated a "buy" rating and set a $428.00 target price on shares of Modine Manufacturing in a research note on Monday, June 1st. UBS Group boosted their target price on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Wall Street Zen cut Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Modine Manufacturing currently has an average rating of "Moderate Buy" and an average target price of $320.14.

Insider Activity at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the 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 sale, the vice president owned 66,343 shares in the company, valued at $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. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 over the last quarter. 1.92% of the stock is owned by corporate insiders.

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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