Oppenheimer & Co. Inc. Sells 3,858 Shares of Modine Manufacturing Company (NYSE:MOD)

Oppenheimer & Co. Inc. trimmed its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,034 shares of the auto parts company's stock after selling 3,858 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.09% of Modine Manufacturing worth $3,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MOD. Skandinaviska Enskilda Banken AB publ grew its position in Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after buying an additional 193 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Modine Manufacturing by 63.1% in the 1st quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after purchasing an additional 142 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Modine Manufacturing by 245.9% in the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock worth $32,000 after purchasing an additional 300 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Modine Manufacturing in the 1st quarter worth about $46,000. Finally, Principal Securities Inc. boosted its holdings in shares of Modine Manufacturing by 97.8% in the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after purchasing an additional 269 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

A number of research firms have recently issued reports on MOD. Oppenheimer upped their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the stock an "outperform" rating in a report on Thursday, May 22nd. Wall Street Zen upgraded Modine Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. KeyCorp began coverage on Modine Manufacturing in a report on Thursday, June 12th. They issued an "overweight" rating and a $125.00 price objective for the company. Finally, DA Davidson reiterated a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Modine Manufacturing presently has an average rating of "Buy" and a consensus price target of $135.25.

Modine Manufacturing Trading Down 0.2%

MOD stock traded down $0.18 during trading on Friday, hitting $101.57. 1,192,163 shares of the company traded hands, compared to its average volume of 944,037. The firm has a market capitalization of $5.32 billion, a PE ratio of 29.70, a P/E/G ratio of 0.66 and a beta of 2.06. Modine Manufacturing Company has a 1 year low of $64.79 and a 1 year high of $146.84. The company has a 50-day moving average of $92.52 and a 200-day moving average of $96.76. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.15 and a current ratio of 1.78.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.16. The company had revenue of $647.20 million during the quarter, compared to analysts' expectations of $633.13 million. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. Modine Manufacturing's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.77 EPS. Analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its board has approved a share repurchase plan on Friday, March 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

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.