Modine Manufacturing Company (NYSE:MOD) Shares Purchased by Castellan Group

Key Points

• Castellan Group has increased its stake in Modine Manufacturing by 74.6% during Q1, becoming the company’s 19th largest holding.
• Insider selling is notable, with EVP Michael B. Lucareli and VP Brian Jon Agen reducing their positions by 4.55% and 34.75%, respectively, amidst high institutional ownership.
• Modine reported better-than-expected quarterly earnings with $1.06 EPS, surpassing estimates and showing a year-over-year revenue increase of 3.2%.

Castellan Group increased its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 74.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,214 shares of the auto parts company's stock after acquiring an additional 38,984 shares during the quarter. Modine Manufacturing comprises approximately 2.0% of Castellan Group's portfolio, making the stock its 19th biggest position. Castellan Group owned 0.17% of Modine Manufacturing worth $7,001,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wasatch Advisors LP lifted its position in shares of Modine Manufacturing by 108.0% during the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after buying an additional 741,667 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Modine Manufacturing by 384.3% during the 1st quarter. Bank of New York Mellon Corp now owns 848,068 shares of the auto parts company's stock valued at $65,089,000 after buying an additional 672,960 shares in the last quarter. Reinhart Partners LLC. lifted its position in shares of Modine Manufacturing by 187.3% during the 1st quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company's stock valued at $67,220,000 after buying an additional 571,026 shares in the last quarter. J. Goldman & Co LP purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at about $43,201,000. Finally, Norges Bank purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at about $31,590,000. Hedge funds and other institutional investors own 95.23% of the company's stock.

Modine Manufacturing Stock Down 1.0%

Modine Manufacturing stock traded down $1.32 during midday trading on Friday, reaching $133.24. The company's stock had a trading volume of 1,996,069 shares, compared to its average volume of 1,430,130. The stock's 50-day simple moving average is $98.25 and its 200-day simple moving average is $93.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.78 and a quick ratio of 1.15. Modine Manufacturing Company has a 52-week low of $64.79 and a 52-week high of $146.84. The stock has a market capitalization of $6.99 billion, a P/E ratio of 38.18, a PEG ratio of 0.88 and a beta of 2.12.

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

Insider Activity

In related news, VP Brian Jon Agen sold 47,939 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael B. Lucareli sold 5,778 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $115.00, for a total value of $664,470.00. Following the sale, the executive vice president directly owned 121,142 shares in the company, 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 owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. KeyCorp boosted their price target on Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday. Wall Street Zen cut Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Oppenheimer upped their price objective on Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a report on Tuesday, July 1st.

Modine Manufacturing Company 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.