Modine Manufacturing Company $MOD Shares Sold by Penn Capital Management Company LLC

Key Points

• Penn Capital Management cut its Modine Manufacturing stake by 91.7% in the second quarter, selling 68,350 shares and retaining 6,204 shares valued at $1.67 million. Institutional investors and hedge funds collectively own 95.23% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and a $320.14 target price. However, KeyCorp recently lowered its target from $370 to $280, while Wall Street Zen downgraded the stock to Hold.
• Modine reported quarterly EPS of $1.53, exceeding estimates of $1.27, while revenue rose 28% year over year to $874.1 million. The stock opened at $177.47, down 4.7%, and insiders sold 54,302 shares worth approximately $15.9 million during the last quarter.

Penn Capital Management Company LLC lowered its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 91.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,204 shares of the auto parts company's stock after selling 68,350 shares during the period. Penn Capital Management Company LLC's holdings in Modine Manufacturing were worth $1,674,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in Modine Manufacturing during the 1st quarter valued at $25,000. Rakuten Securities Inc. acquired a new position in shares of Modine Manufacturing in the second quarter worth $40,000. PenderFund Capital Management Ltd. acquired a new position in shares of Modine Manufacturing in the second quarter worth $42,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing during the fourth quarter valued at $25,000. Finally, Vega Investment Solutions acquired a new stake in shares of Modine Manufacturing during the second quarter valued at $52,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. KeyCorp lowered their target price on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday. DA Davidson reissued a "buy" rating and set a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Finally, UBS Group raised their price objective on Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

Insider Activity at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, the insider directly owned 28,364 shares of the company's stock, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the company's stock in a transaction on 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 transaction, the vice president owned 66,343 shares of the company's stock, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. 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. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 in the last quarter. Insiders own 1.92% of the company's stock.

Modine Manufacturing Trading Down 4.7%

Shares of MOD opened at $177.47 on Friday. Modine Manufacturing Company has a twelve month low of $111.18 and a twelve month high of $323.25. The firm has a market capitalization of $9.43 billion, a P/E ratio of 66.72, a price-to-earnings-growth ratio of 0.58 and a beta of 1.71. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The stock's fifty day simple moving average is $222.05 and its 200 day simple moving average is $235.42.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 25.59% and a net margin of 4.28%.Modine Manufacturing's quarterly revenue was up 28.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 earnings per share. On average, equities research analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

About Modine Manufacturing

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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