Modine Manufacturing Company $MOD Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC reduced its stake in Modine Manufacturing by 49.2%, selling 217,254 shares and owning approximately 0.43% of the company, worth $17.24 million after the sale.
• Several institutional investors have increased their stakes, with GAMMA Investing LLC raising its position by 63.1% and First Horizon Advisors Inc. increasing theirs by 442.4% during the first quarter.
• Modine Manufacturing reported a net margin of 7.21% and a return on equity of 23.90%, surpassing earnings expectations with $1.06 earnings per share for the last quarter, compared to estimates of $0.93.

Lord Abbett & CO. LLC decreased its position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 49.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 224,637 shares of the auto parts company's stock after selling 217,254 shares during the period. Lord Abbett & CO. LLC owned about 0.43% of Modine Manufacturing worth $17,241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new stake in Modine Manufacturing in the first quarter valued at approximately $18,853,000. Cynosure Group LLC boosted its position in Modine Manufacturing by 73.4% in the first quarter. Cynosure Group LLC now owns 4,390 shares of the auto parts company's stock valued at $337,000 after buying an additional 1,858 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Modine Manufacturing by 12.4% during the first quarter. Deutsche Bank AG now owns 101,850 shares of the auto parts company's stock valued at $7,817,000 after acquiring an additional 11,218 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Modine Manufacturing by 2.5% during the first quarter. Vanguard Group Inc. now owns 5,187,554 shares of the auto parts company's stock valued at $398,145,000 after acquiring an additional 128,587 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Modine Manufacturing by 114.5% during the first quarter. Blair William & Co. IL now owns 63,993 shares of the auto parts company's stock valued at $4,911,000 after acquiring an additional 34,154 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Analyst Upgrades and Downgrades

MOD has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. KeyCorp lifted their price objective on shares of Modine Manufacturing from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Monday. Finally, Oppenheimer boosted their price target on shares of Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st. Three analysts have rated the stock with a Buy rating, According to MarketBeat, Modine Manufacturing presently has a consensus rating of "Buy" and an average target price of $145.67.

Insider Activity

In other news, EVP Michael B. Lucareli sold 80,661 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $128.33, for a total transaction of $10,351,226.13. Following the transaction, the executive vice president owned 66,920 shares in the company, valued at $8,587,843.60. This represents a 54.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Brian Jon Agen sold 47,939 shares of Modine Manufacturing stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the completion of the sale, the vice president directly owned 90,015 shares in the company, valued at $9,946,657.50. This represents a 34.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 200,561 shares of company stock worth $25,462,844 over the last 90 days. 2.48% of the stock is currently owned by corporate insiders.

Modine Manufacturing Stock Performance

Shares of NYSE MOD traded up $0.0280 during trading on Thursday, reaching $134.9580. 78,001 shares of the company traded hands, compared to its average volume of 1,201,016. The firm has a 50 day simple moving average of $110.30 and a 200-day simple moving average of $95.10. Modine Manufacturing Company has a 52-week low of $64.79 and a 52-week high of $146.84. The company has a quick ratio of 1.28, a current ratio of 2.06 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $7.08 billion, a PE ratio of 38.67, a P/E/G ratio of 0.87 and a beta of 2.12.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The auto parts company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Modine Manufacturing had a net margin of 7.21% and a return on equity of 23.90%. The firm had revenue of $682.80 million for the quarter, compared to analysts' expectations of $653.80 million. During the same quarter last year, the business posted $1.04 earnings per share. The company's revenue for the quarter was up 3.2% compared to the same quarter last year. Modine Manufacturing has set its FY 2026 guidance at EPS. Equities research analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current year.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.