Modine Manufacturing Company $MOD Shares Sold by Nippon Life Global Investors Americas Inc.

Key Points

• Nippon Life Global Investors Americas cut its Modine Manufacturing stake by 98.6% in the third quarter, selling 105,790 shares and retaining 1,530 shares valued at approximately $286,000.
• Other institutional investors added to or initiated positions in Modine, and hedge funds and institutional investors collectively own 95.23% of the company’s outstanding stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $303.44, while MOD opened at $129.62 and is down sharply from its 52-week high of $323.25.

Nippon Life Global Investors Americas Inc. lessened its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 98.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,530 shares of the auto parts company's stock after selling 105,790 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in Modine Manufacturing were worth $286,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MOD. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Modine Manufacturing in the third quarter worth about $3,461,000. MGO One Seven LLC acquired a new position in shares of Modine Manufacturing in the 3rd quarter worth approximately $209,000. State of Wyoming increased its stake in Modine Manufacturing by 19.4% during the third quarter. State of Wyoming now owns 2,988 shares of the auto parts company's stock valued at $559,000 after purchasing an additional 485 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Modine Manufacturing by 7.4% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 7,300 shares of the auto parts company's stock worth $1,367,000 after acquiring an additional 500 shares during the period. Finally, Choreo LLC raised its position in shares of Modine Manufacturing by 83.3% during the 3rd quarter. Choreo LLC now owns 1,448 shares of the auto parts company's stock worth $271,000 after purchasing an additional 658 shares during the period. Hedge funds and other institutional investors own 95.23% of the company's stock.

Wall Street Analyst Weigh In

MOD has been the subject of several analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. DA Davidson reaffirmed a "buy" rating and issued a $330.00 price objective on shares of Modine Manufacturing in a report on Tuesday, October 27th. B. Riley Financial cut their price objective on shares of Modine Manufacturing from $305.00 to $285.00 and set a "buy" rating on the stock in a research report on Thursday. Cantor Fitzgerald started coverage on shares of Modine Manufacturing in a research note on Tuesday, October 20th. They set an "overweight" rating and a $275.00 target price for the company. Finally, KeyCorp restated an "overweight" rating and issued a $280.00 target price on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $303.44.

Modine Manufacturing Stock Down 0.1%

Modine Manufacturing stock opened at $129.62 on Monday. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 48.73, a PEG ratio of 0.46 and a beta of 1.86. The company's 50-day moving average price is $174.55 and its two-hundred day moving average price is $214.78. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39.

About Modine Manufacturing

Modine Manufacturing Company NYSE: MOD is a diversified thermal management company that develops and manufactures solutions for managing heat in vehicles, equipment, buildings and industrial systems. Its products are designed to improve efficiency, reliability and performance across a range of applications.

The company serves the automotive, commercial vehicle, off-highway, power generation, data center, heating, ventilation, air conditioning and refrigeration markets. Its offerings include heat exchangers, radiators, charge air coolers, battery and power electronics cooling systems, liquid-cooling equipment, coils and other thermal management components and systems.

Founded in 1916 by Arthur B.

Want to see what other hedge funds are holding MOD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Modine Manufacturing Company (NYSE:MOD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.