Modine Manufacturing Company $MOD Stock Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Modine holdings by 247.7% in the third quarter, adding 314,668 shares to own 441,705 shares, valued at approximately $82.7 million.
• Analyst views were mixed: Modine received a consensus “Moderate Buy” rating, but several firms cut price targets sharply; the consensus target was $264.89.
• Modine’s quarterly revenue rose 34.6% year over year to $994.4 million, topping estimates, while adjusted earnings of $1.35 per share fell short of the $1.47 consensus.

Pictet Asset Management Holding SA boosted its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 247.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 441,705 shares of the auto parts company's stock after buying an additional 314,668 shares during the period. Pictet Asset Management Holding SA owned about 0.83% of Modine Manufacturing worth $82,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Rakuten Securities Inc. bought a new position in shares of Modine Manufacturing during the 2nd quarter worth about $40,000. PenderFund Capital Management Ltd. acquired a new position in Modine Manufacturing in the second quarter worth about $42,000. Vega Investment Solutions bought a new position in Modine Manufacturing during the second quarter worth about $52,000. TD Waterhouse Canada Inc. acquired a new stake in Modine Manufacturing during the second quarter valued at approximately $55,000. Finally, Optiver Holding B.V. boosted its holdings in Modine Manufacturing by 19.7% during the first quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company's stock valued at $51,000 after purchasing an additional 39 shares in the last quarter. Institutional investors own 95.23% of the company's stock.

Analysts Set New Price Targets

MOD has been the topic of several analyst reports. Zacks Research lowered Modine Manufacturing from a "hold" rating to a "strong sell" rating in a research note on Friday, October 16th. Oppenheimer decreased their price target on Modine Manufacturing from $260.00 to $215.00 and set an "outperform" rating on the stock in a research note on Thursday, November 5th. Cantor Fitzgerald decreased their price target on Modine Manufacturing from $275.00 to $178.00 and set an "overweight" rating on the stock in a research note on Thursday, November 5th. UBS Group lowered their price target on Modine Manufacturing from $355.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, November 5th. Finally, Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $264.89.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock opened at $106.13 on Tuesday. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 0.35 and a beta of 1.86. The firm's 50-day moving average price is $164.81 and its two-hundred day moving average price is $213.97. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. Modine Manufacturing Company has a 1-year low of $87.84 and a 1-year high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The auto parts company reported $1.35 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.12). The business had revenue of $994.40 million during the quarter, compared to analyst estimates of $978.31 million. Modine Manufacturing had a return on equity of 26.28% and a net margin of 3.58%. The firm's revenue was up 34.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. On average, equities analysts predict that Modine Manufacturing Company will post 6.55 earnings per share for the current fiscal year.

Modine Manufacturing Company Profile

Modine Manufacturing Company is a global provider of thermal management solutions, serving markets that need to control heating, cooling and temperature-related performance. Founded in 1916 by Arthur B. Modine, the company is headquartered in Racine, Wisconsin.

Through its Climate Solutions business, Modine supplies heating, ventilation and air conditioning equipment for commercial and industrial buildings, as well as cooling systems for data centers. Its offerings include chillers, heat exchangers and other equipment designed to manage indoor environments and remove heat from technology infrastructure.

Modine's Performance Technologies business develops thermal management products for vehicles and other equipment.

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