Peregrine Capital Management LLC Sells 15,192 Shares of Modine Manufacturing Company $MOD

Key Points

• Peregrine Capital Management cut its Modine Manufacturing stake by 16.9% in the first quarter, selling 15,192 shares and leaving it with 74,869 shares worth about $16.2 million.
• Modine reported strong quarterly results, posting EPS of $1.71 versus the $1.51 estimate and revenue of $954.4 million, up 47.5% year over year.
• Wall Street remains constructive on the stock: analysts have a Moderate Buy consensus, with seven Buy ratings and an average price target of $327.14, even after some insider selling and mixed rating changes.

Peregrine Capital Management LLC decreased its stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 16.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 74,869 shares of the auto parts company's stock after selling 15,192 shares during the period. Modine Manufacturing accounts for about 0.6% of Peregrine Capital Management LLC's holdings, making the stock its 29th largest position. Peregrine Capital Management LLC owned about 0.14% of Modine Manufacturing worth $16,225,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new stake in Modine Manufacturing during the fourth quarter worth approximately $25,000. Spire Wealth Management acquired a new position in Modine Manufacturing during the fourth quarter valued at approximately $27,000. Sunbelt Securities Inc. bought a new position in shares of Modine Manufacturing in the third quarter valued at approximately $39,000. Danske Bank A S bought a new position in shares of Modine Manufacturing in the third quarter valued at approximately $43,000. Finally, Root Financial Partners LLC lifted its stake in shares of Modine Manufacturing by 140.5% in the fourth quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company's stock worth $49,000 after buying an additional 215 shares during the last quarter. 95.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MOD shares. Oppenheimer raised their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Weiss Ratings raised shares of Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 28th. Zacks Research cut shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. UBS Group raised their price target on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Finally, B. Riley Financial lifted their price objective on Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Seven research 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 company has a consensus rating of "Moderate Buy" and an average target price of $327.14.

Modine Manufacturing Trading Up 4.3%

Shares of MOD stock opened at $267.39 on Wednesday. Modine Manufacturing Company has a 1 year low of $86.48 and a 1 year high of $323.25. The firm's fifty day simple moving average is $271.18 and its 200 day simple moving average is $215.74. The firm has a market capitalization of $14.12 billion, a P/E ratio of 119.37, a price-to-earnings-growth ratio of 0.83 and a beta of 1.65. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its earnings results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.51 by $0.20. The firm had revenue of $954.40 million during the quarter, compared to analysts' expectations of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The business's quarterly revenue was up 47.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 EPS. As a group, sell-side analysts predict that Modine Manufacturing Company will post 7.73 EPS for the current year.

Insider Activity

In related news, Director Eric D. Ashleman sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares in the company, valued at $12,219,669. The trade was a 26.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider directly owned 28,364 shares of the company's stock, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 54,302 shares of company stock valued at $15,928,759. Insiders own 2.48% of the company's stock.

About Modine Manufacturing

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.

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