Modine Manufacturing Company $MOD Stock Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management cut its Modine Manufacturing stake by 99.1% in the third quarter, selling 623,785 shares and retaining 5,483 shares worth approximately $1.03 million.
• Institutional ownership remains high at 95.23%, with BlackRock, Paradigm Capital, Jupiter Topco and Blue Whale Capital among investors that recently established or expanded positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $309.50 price target, despite the stock opening at $181.36—down 4.3%—and trading well below its 52-week high of $323.25.

Congress Asset Management Co. trimmed its position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 99.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,483 shares of the auto parts company's stock after selling 623,785 shares during the period. Congress Asset Management Co.'s holdings in Modine Manufacturing were worth $1,026,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MOD. BlackRock Inc. bought a new stake in Modine Manufacturing during the 2nd quarter valued at about $765,540,000. Paradigm Capital Management Inc. NY bought a new position in Modine Manufacturing during the 2nd quarter worth about $388,140,000. Janus Henderson Group PLC grew its holdings in Modine Manufacturing by 2,249.9% during the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock worth $113,459,000 after acquiring an additional 501,229 shares in the last quarter. Jupiter Topco LLC purchased a new position in Modine Manufacturing during the 2nd quarter valued at about $123,873,000. Finally, Blue Whale Capital LLP bought a new stake in shares of Modine Manufacturing in the 2nd quarter valued at about $123,747,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on MOD. DA Davidson reaffirmed a "buy" rating and issued a $330.00 price target on shares of Modine Manufacturing in a research report on Tuesday, September 29th. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. B. Riley Financial reaffirmed a "buy" rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. Finally, KeyCorp reissued an "overweight" rating and issued a $280.00 price target on shares of Modine Manufacturing in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Modine Manufacturing presently has a consensus rating of "Moderate Buy" and a consensus target price of $309.50.

Modine Manufacturing Stock Down 4.3%

Modine Manufacturing stock opened at $181.36 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The stock has a market capitalization of $9.63 billion, a price-to-earnings ratio of 68.18, a PEG ratio of 0.62 and a beta of 1.71. Modine Manufacturing Company has a 1-year low of $111.18 and a 1-year high of $323.25. The business has a fifty day moving average price of $190.66 and a 200-day moving average price of $230.44.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. During the same period in the prior year, the company posted $0.95 EPS. The firm's quarterly revenue was up 28.0% compared to the same quarter last year. Equities research analysts forecast that Modine Manufacturing Company will post 7.68 EPS for the current fiscal year.

Modine Manufacturing Company Profile

Modine Manufacturing Company NYSE: MOD is a diversified thermal management company that develops and manufactures technologies for controlling and transferring heat. Founded in 1916 and headquartered in Racine, Wisconsin, Modine serves customers in the automotive, commercial and industrial, data center, HVAC, refrigeration, and other specialized markets.

The company's products and systems include heat exchangers, cooling modules, coils, radiators, condensers, fans, thermal management systems, and related components.

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