Modine Manufacturing Company $MOD Shares Purchased by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC increased its stake in Modine Manufacturing by 61.4% in the first quarter, buying 5,143 additional shares and bringing its total holding to 13,519 shares worth about $2.93 million.
• Several other institutional investors also added to or initiated positions, and institutions overall now own 95.23% of Modine’s stock, highlighting strong professional interest in the company.
• Wall Street remains broadly upbeat: analysts have issued mostly Buy ratings with a consensus price target of $327.14, while Modine recently beat quarterly earnings and revenue estimates with EPS of $1.71 and revenue up 47.5% year over year.

Janney Montgomery Scott LLC lifted its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 61.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,519 shares of the auto parts company's stock after buying an additional 5,143 shares during the period. Janney Montgomery Scott LLC's holdings in Modine Manufacturing were worth $2,930,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Union Bancaire Privee UBP SA boosted its holdings in shares of Modine Manufacturing by 48.8% during the first quarter. Union Bancaire Privee UBP SA now owns 9,948 shares of the auto parts company's stock valued at $2,156,000 after acquiring an additional 3,264 shares during the period. OP Asset Management Ltd bought a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $828,000. Assenagon Asset Management S.A. bought a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $9,753,000. Campbell Newman Asset Management Inc. boosted its position in shares of Modine Manufacturing by 1.4% during the first quarter. Campbell Newman Asset Management Inc. now owns 31,169 shares of the auto parts company's stock worth $6,755,000 after buying an additional 445 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Modine Manufacturing by 113.6% during the fourth quarter. Hsbc Holdings PLC now owns 5,086 shares of the auto parts company's stock worth $679,000 after buying an additional 2,705 shares during the period. Institutional investors and hedge funds own 95.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. KeyCorp raised their target price on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research note on Wednesday, May 27th. B. Riley Financial upped their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Glj Research reiterated a "buy" rating and issued a $428.00 price objective on shares of Modine Manufacturing in a report on Monday, June 1st. Zacks Research lowered shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Finally, 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. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Modine Manufacturing has an average rating of "Moderate Buy" and a consensus price target of $327.14.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the sale, the vice president owned 66,343 shares of the company's stock, valued at $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 over the last three months. Corporate insiders own 2.48% of the company's stock.

Modine Manufacturing Stock Down 2.0%

MOD stock opened at $230.60 on Wednesday. Modine Manufacturing Company has a 52-week low of $86.48 and a 52-week high of $323.25. The company's 50 day simple moving average is $269.56 and its 200-day simple moving average is $218.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. The firm has a market capitalization of $12.18 billion, a P/E ratio of 102.95, a P/E/G ratio of 0.76 and a beta of 1.67.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.51 by $0.20. The business had revenue of $954.40 million for the quarter, compared to the consensus estimate of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.Modine Manufacturing's revenue for the quarter was up 47.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 earnings per share. As a group, equities research analysts anticipate that Modine Manufacturing Company will post 7.73 EPS for the current year.

Modine Manufacturing Company 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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