Mediolanum International Funds Ltd Purchases Shares of 121,553 Modine Manufacturing Company $MOD

Key Points

• Mediolanum International Funds Ltd opened a new position in Modine Manufacturing, buying 121,553 shares valued at about $24.6 million and owning roughly 0.23% of the company.
• Modine posted a strong quarter, with EPS of $1.71 beating estimates and revenue of $954.4 million topping expectations, while sales jumped 47.5% year over year.
• Analysts remain bullish overall, with several raising price targets and the stock carrying a Moderate Buy consensus and an average target price of $327.14, even as some insiders recently sold shares.

Mediolanum International Funds Ltd acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 121,553 shares of the auto parts company's stock, valued at approximately $24,576,000. Mediolanum International Funds Ltd owned approximately 0.23% of Modine Manufacturing as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of Modine Manufacturing by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company's stock valued at $384,415,000 after purchasing an additional 130,511 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Modine Manufacturing by 31.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock worth $311,503,000 after buying an additional 560,131 shares in the last quarter. Wasatch Advisors LP grew its holdings in Modine Manufacturing by 1.4% during the second quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company's stock worth $176,553,000 after buying an additional 23,955 shares in the last quarter. Capital Research Global Investors raised its position in Modine Manufacturing by 13.8% in the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company's stock valued at $197,358,000 after buying an additional 179,617 shares during the last quarter. Finally, Invesco Ltd. raised its position in Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock valued at $176,037,000 after buying an additional 720,389 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $229.31 on Friday. The business's fifty day simple moving average is $265.89 and its 200 day simple moving average is $223.86. The firm has a market capitalization of $12.18 billion, a P/E ratio of 102.37, a price-to-earnings-growth ratio of 0.74 and a beta of 1.67. Modine Manufacturing Company has a 12 month low of $90.41 and a 12 month high of $323.25. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 24.39% and a net margin of 3.82%.The business's revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.12 earnings per share. As a group, analysts anticipate that Modine Manufacturing Company will post 7.72 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. KeyCorp raised their price objective on Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, May 28th. B. Riley Financial raised their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Oppenheimer boosted their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a report on Thursday, May 28th. Finally, Glj Research reaffirmed a "buy" rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $327.14.

Insider Buying and Selling

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the sale, the director owned 42,350 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this link. Also, insider Eric S. Mcginnis sold 1,020 shares of the business'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 transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 54,302 shares of company stock valued at $15,928,759. 2.48% of the stock is owned by insiders.

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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