Nicholas Investment Partners LP Purchases New Holdings in Modine Manufacturing Company $MOD

Key Points

• Nicholas Investment Partners acquired 111,261 Modine Manufacturing shares worth approximately $29.7 million, making MOD its fifth-largest portfolio holding and representing about 0.21% of the company.
• Modine reported quarterly EPS of $1.53, beating estimates of $1.27, while revenue rose 28% year over year to $874.1 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $320.14.
• Despite strong institutional ownership of 95.23%, insiders sold 54,302 shares worth roughly $15.9 million over the past three months. MOD opened at $188.48, well below its 50-day and 200-day moving averages.

Nicholas Investment Partners LP acquired a new position in Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 111,261 shares of the auto parts company's stock, valued at approximately $29,709,000. Modine Manufacturing accounts for 1.7% of Nicholas Investment Partners LP's investment portfolio, making the stock its 5th largest position. Nicholas Investment Partners LP owned about 0.21% of Modine Manufacturing at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of MOD. V Square Quantitative Management LLC acquired a new position in shares of Modine Manufacturing in the 1st quarter valued at about $25,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing during the fourth quarter worth approximately $25,000. Sunbelt Securities Inc. purchased a new position in Modine Manufacturing during the third quarter valued at approximately $39,000. Rakuten Securities Inc. purchased a new position in Modine Manufacturing during the second quarter valued at approximately $40,000. Finally, Danske Bank A S acquired a new stake in shares of Modine Manufacturing during the 3rd quarter valued at $43,000. Hedge funds and other institutional investors own 95.23% of the company's stock.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the firm's stock in a transaction dated 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 transaction, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares of the company's stock, valued at $8,369,081.84. This represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 over the last three months. Corporate insiders own 1.92% of the company's stock.

Modine Manufacturing Stock Performance

Shares of MOD opened at $188.48 on Tuesday. The company's fifty day moving average is $230.48 and its 200-day moving average is $236.23. Modine Manufacturing Company has a 12 month low of $111.18 and a 12 month high of $323.25. The firm has a market cap of $10.01 billion, a price-to-earnings ratio of 70.86, a price-to-earnings-growth ratio of 0.65 and a beta of 1.71. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. Modine Manufacturing's quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. Equities analysts expect that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MOD has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, May 28th. DA Davidson reiterated a "buy" rating and set a $330.00 price objective on shares of Modine Manufacturing in a report on Monday, June 22nd. KeyCorp reduced their price objective on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Glj Research restated a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a research note on Monday, June 1st. Finally, B. Riley Financial reaffirmed a "buy" rating and issued a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $320.14.

Modine Manufacturing Company Profile

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.

Want to see what other hedge funds are holding MOD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Modine Manufacturing Company (NYSE:MOD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source