Modine Manufacturing Company $MOD Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Modine Manufacturing stake by 26,352% in the second quarter, purchasing 15.48 million additional shares and ending with a roughly 29.25% ownership position valued at $4.15 billion.
• Institutional investors collectively own 95.23% of Modine, while company insiders sold 54,302 shares worth approximately $15.9 million over the past three months.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds and an average price target of $320.14. Modine also beat quarterly EPS estimates, reporting $1.53 per share versus the $1.27 consensus, while revenue rose 28% year over year.

California State Teachers Retirement System increased its stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 26,352.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,536,826 shares of the auto parts company's stock after buying an additional 15,478,090 shares during the quarter. California State Teachers Retirement System owned about 29.25% of Modine Manufacturing worth $4,148,643,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Modine Manufacturing in the second quarter valued at $765,540,000. Paradigm Capital Management Inc. NY acquired a new stake in shares of Modine Manufacturing in the 2nd quarter worth about $388,140,000. Invesco Ltd. increased its holdings in shares of Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock worth $176,037,000 after acquiring an additional 720,389 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock valued at $311,503,000 after purchasing an additional 560,131 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Modine Manufacturing by 2,249.9% in the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock valued at $113,459,000 after purchasing an additional 501,229 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Modine Manufacturing

In other news, Director Eric Ashleman sold 15,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 42,350 shares in the company, valued at $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brian 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 transaction, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. 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. In the last three months, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 1.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. KeyCorp reissued an "overweight" rating and set a $280.00 target price on shares of Modine Manufacturing in a research note on Wednesday, September 2nd. UBS Group raised their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Oppenheimer lifted their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Glj Research reiterated a "buy" rating and set a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $186.59 on Thursday. The stock has a market cap of $9.91 billion, a P/E ratio of 70.15, a P/E/G ratio of 0.63 and a beta of 1.74. The firm's 50-day simple moving average is $208.82 and its 200 day simple moving average is $233.79. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) 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 analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. Modine Manufacturing's revenue was up 28.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. Equities analysts expect that Modine Manufacturing Company will post 7.65 EPS 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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