Victory Capital Management Inc. Decreases Holdings in Modine Manufacturing Company (NYSE:MOD)

Key Points

• Victory Capital Management Inc. reduced its stake in Modine Manufacturing by 95.6%, selling 183,401 shares and leaving them with only 8,437 shares valued at $648,000.
• Modine Manufacturing's stock traded at $133.24, with a 52-week range between $64.79 and $146.84, and a market capitalization of $6.99 billion.
• The company reported $1.06 EPS for the most recent quarter, exceeding expectations and showing a 3.2% year-over-year revenue increase to $682.80 million.

Victory Capital Management Inc. trimmed its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 95.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,437 shares of the auto parts company's stock after selling 183,401 shares during the period. Victory Capital Management Inc.'s holdings in Modine Manufacturing were worth $648,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in MOD. GAMMA Investing LLC raised its position in Modine Manufacturing by 63.1% during the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock valued at $28,000 after purchasing an additional 142 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of Modine Manufacturing by 2.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock worth $613,000 after buying an additional 146 shares during the period. Bay Rivers Group raised its holdings in shares of Modine Manufacturing by 3.4% in the first quarter. Bay Rivers Group now owns 6,308 shares of the auto parts company's stock worth $484,000 after buying an additional 209 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Modine Manufacturing by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,832 shares of the auto parts company's stock worth $1,024,000 after buying an additional 231 shares during the period. Finally, Xponance Inc. grew its stake in Modine Manufacturing by 6.3% in the first quarter. Xponance Inc. now owns 4,015 shares of the auto parts company's stock worth $308,000 after purchasing an additional 239 shares in the last quarter. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MOD has been the topic of several research analyst reports. KeyCorp increased their price objective on Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a research note on Thursday. Oppenheimer raised their target price on Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 1st. Finally, Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday.

Modine Manufacturing Stock Down 1.0%

Shares of MOD stock traded down $1.32 on Friday, reaching $133.24. 1,996,069 shares of the stock were exchanged, compared to its average volume of 1,430,130. The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.32. Modine Manufacturing Company has a twelve month low of $64.79 and a twelve month high of $146.84. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 0.87 and a beta of 2.12. The business's 50 day moving average price is $98.25 and its 200 day moving average price is $93.35.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The auto parts company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $682.80 million during the quarter, compared to analysts' expectations of $653.80 million. Modine Manufacturing had a return on equity of 24.82% and a net margin of 7.21%. The company's quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.04 EPS. As a group, sell-side analysts expect that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Brian Jon Agen sold 47,939 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the completion of the transaction, the vice president directly owned 90,015 shares of the company's stock, valued at $9,946,657.50. This trade represents a 34.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael B. Lucareli sold 5,778 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $115.00, for a total transaction of $664,470.00. Following the transaction, the executive vice president directly owned 121,142 shares of the company's stock, valued at approximately $13,931,330. This trade represents a 4.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.48% of the stock is currently owned by company insiders.

Modine Manufacturing Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.