Pictet Asset Management Holding SA Sells 172,038 Shares of Modine Manufacturing Company $MOD

Key Points

• Pictet Asset Management sold 172,038 shares of Modine, cutting its stake by 34.8% to 321,877 shares valued at about $42.97 million (≈0.61% ownership).
• Other institutions added large positions—Capital Research opened a ~$184.6M stake, Invesco raised holdings by 133% to 598,140 shares (~$85.0M), and WT Asset Management bought ~$69.3M—leaving institutional investors with roughly 95.23% of the stock.
• Modine recently beat estimates (EPS $1.19 vs $0.99; revenue $805M, up 30.5%), trades at a $12.25B market cap with a P/E of 129, and carries a consensus analyst rating of Moderate Buy with an average target of $234.33.

Pictet Asset Management Holding SA cut its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,877 shares of the auto parts company's stock after selling 172,038 shares during the period. Pictet Asset Management Holding SA owned approximately 0.61% of Modine Manufacturing worth $42,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Capital Research Global Investors acquired a new position in shares of Modine Manufacturing during the third quarter valued at about $184,610,000. WT Asset Management Ltd bought a new position in Modine Manufacturing during the fourth quarter valued at about $69,255,000. Invesco Ltd. raised its holdings in Modine Manufacturing by 133.2% in the 3rd quarter. Invesco Ltd. now owns 598,140 shares of the auto parts company's stock valued at $85,032,000 after acquiring an additional 341,595 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Modine Manufacturing in the 2nd quarter valued at approximately $28,322,000. Finally, Amundi bought a new stake in shares of Modine Manufacturing in the 3rd quarter worth approximately $42,185,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $232.24 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.19. The firm has a market cap of $12.25 billion, a P/E ratio of 129.03, a P/E/G ratio of 1.00 and a beta of 1.68. The business's fifty day moving average is $222.83 and its two-hundred day moving average is $179.06. Modine Manufacturing Company has a 52 week low of $77.29 and a 52 week high of $260.01.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.20. The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $763.54 million. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The firm's quarterly revenue was up 30.5% compared to the same quarter last year. During the same period last year, the company posted $0.92 earnings per share. Equities research analysts forecast that Modine Manufacturing Company will post 4.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Suresh V. Garimella sold 1,100 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the sale, the director directly owned 79,856 shares of the company's stock, valued at $14,699,093.92. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MOD. Glj Research started coverage on Modine Manufacturing in a research report on Monday, March 30th. They set a "buy" rating and a $290.00 price objective on the stock. Zacks Research downgraded shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Oppenheimer boosted their price target on shares of Modine Manufacturing from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, February 6th. DA Davidson reaffirmed a "buy" rating and set a $265.00 price objective on shares of Modine Manufacturing in a report on Tuesday, March 31st. Finally, Roth Mkm started coverage on shares of Modine Manufacturing in a research report on Wednesday, February 18th. They set a "buy" rating and a $263.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $234.33.

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.

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