LPL Financial LLC Purchases 7,790 Shares of Modine Manufacturing Company $MOD

Key Points

• LPL Financial LLC increased its stake in Modine Manufacturing by 15.5% during the first quarter, holding approximately 58,148 shares valued at about $4.46 million.
• Multiple hedge funds have also raised their positions in Modine, with notable increases from Assetmark Inc. (37%), Cetera Investment Advisers (40.6%), and Avantax Advisory Services Inc. (52.5%).
• Insider selling has been significant, with Director Marsha C. Williams selling 25,761 shares and EVP Michael B. Lucareli selling 40,422 shares, reflecting a substantial decrease in their holdings.

LPL Financial LLC increased its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 15.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,148 shares of the auto parts company's stock after acquiring an additional 7,790 shares during the period. LPL Financial LLC owned about 0.11% of Modine Manufacturing worth $4,463,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MOD. IFP Advisors Inc increased its stake in shares of Modine Manufacturing by 14.2% in the 1st quarter. IFP Advisors Inc now owns 911 shares of the auto parts company's stock worth $70,000 after purchasing an additional 113 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Modine Manufacturing by 63.1% in the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after buying an additional 142 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of Modine Manufacturing by 2.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock valued at $613,000 after buying an additional 146 shares in the last quarter. Bay Rivers Group grew its stake in shares of Modine Manufacturing by 3.4% during the 1st quarter. Bay Rivers Group now owns 6,308 shares of the auto parts company's stock valued at $484,000 after acquiring an additional 209 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Modine Manufacturing by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,832 shares of the auto parts company's stock worth $1,024,000 after acquiring an additional 231 shares in the last quarter. Institutional investors own 95.23% of the company's stock.

Modine Manufacturing Price Performance

Shares of NYSE:MOD traded down $2.39 during midday trading on Tuesday, reaching $137.08. 72,631 shares of the company were exchanged, compared to its average volume of 1,207,773. The stock has a market cap of $7.20 billion, a PE ratio of 39.54, a price-to-earnings-growth ratio of 0.88 and a beta of 2.12. The business's fifty day moving average is $108.59 and its two-hundred day moving average is $94.53. Modine Manufacturing Company has a one year low of $64.79 and a one year high of $146.84. The company has a current ratio of 2.06, a quick ratio of 1.28 and a debt-to-equity ratio of 0.47.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The auto parts company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $682.80 million for the quarter, compared to analysts' expectations of $653.80 million. Modine Manufacturing had a net margin of 7.21% and a return on equity of 23.90%. The business's quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 EPS. As a group, analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current year.

Insider Activity at Modine Manufacturing

In related news, EVP Michael B. Lucareli sold 80,661 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $128.33, for a total value of $10,351,226.13. Following the completion of the transaction, the executive vice president directly owned 66,920 shares of the company's stock, valued at approximately $8,587,843.60. This trade represents a 54.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marsha C. Williams sold 25,761 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $134.77, for a total transaction of $3,471,809.97. Following the sale, the director directly owned 120,689 shares in the company, valued at approximately $16,265,256.53. The trade was a 17.59% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 200,561 shares of company stock valued at $25,462,844. Insiders own 2.48% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on MOD. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Oppenheimer lifted their target price on shares of Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. Finally, KeyCorp upped their price objective on Modine Manufacturing from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday.

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.