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

Key Points

• Sterling Capital Management cut its stake in Modine Manufacturing by 55.1% in the first quarter, selling 8,486 shares and ending with 6,928 shares worth about $1.5 million.
• Modine reported strong quarterly results, with EPS of $1.71 beating estimates and revenue of $954.4 million topping forecasts; revenue rose 47.5% year over year.
• Insider selling has been notable, with VP Brian Jon Agen and Director Eric D. Ashleman both selling shares recently; analysts remain broadly positive with a Moderate Buy consensus and average price target of $327.14.

Sterling Capital Management LLC trimmed its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 55.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,928 shares of the auto parts company's stock after selling 8,486 shares during the period. Sterling Capital Management LLC's holdings in Modine Manufacturing were worth $1,501,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Xponance LLC lifted its stake in Modine Manufacturing by 1.7% in the 4th quarter. Xponance LLC now owns 4,424 shares of the auto parts company's stock valued at $591,000 after buying an additional 75 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Modine Manufacturing by 3.4% in the fourth quarter. State of Alaska Department of Revenue now owns 3,156 shares of the auto parts company's stock worth $421,000 after acquiring an additional 103 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Modine Manufacturing by 18.3% in the fourth quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company's stock valued at $91,000 after acquiring an additional 105 shares in the last quarter. Arete Wealth Advisors LLC boosted its stake in shares of Modine Manufacturing by 7.4% during the fourth quarter. Arete Wealth Advisors LLC now owns 2,255 shares of the auto parts company's stock valued at $293,000 after acquiring an additional 155 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Modine Manufacturing by 58.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 439 shares of the auto parts company's stock worth $59,000 after purchasing an additional 162 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

MOD opened at $256.46 on Tuesday. Modine Manufacturing Company has a 1 year low of $86.48 and a 1 year high of $323.25. The company's 50 day simple moving average is $270.70 and its 200 day simple moving average is $215.01. The stock has a market capitalization of $13.55 billion, a PE ratio of 114.49, a P/E/G ratio of 0.83 and a beta of 1.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94.

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

Insider Activity

In other news, 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 transaction of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction on Tuesday, June 16th. The stock was 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 SEC filing for this sale provides additional information. Insiders sold 54,302 shares of company stock valued at $15,928,759 in the last ninety days. Company insiders own 2.48% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. Zacks Research lowered shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. DA Davidson reiterated a "buy" rating and issued a $330.00 price target on shares of Modine Manufacturing in a report on Monday, June 22nd. B. Riley Financial increased their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Finally, UBS Group lifted their price objective on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Seven 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.

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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