Pictet Asset Management Holding SA Sells 37,446 Shares of Modine Manufacturing Company $MOD

Key Points

• Pictet Asset Management cut its Modine Manufacturing stake by 11.6% in the first quarter, selling 37,446 shares and ending with 284,431 shares valued at about $61.6 million.
• Wall Street remains optimistic on Modine, with seven Buy ratings and two Holds; the average analyst price target is $327.14, and several firms recently raised their targets.
• Modine reported strong quarterly results, posting EPS of $1.71 versus expectations of $1.51 and revenue growth of 47.5% year over year, while insiders also sold shares recently under disclosed transactions.

Pictet Asset Management Holding SA lessened its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 11.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,431 shares of the auto parts company's stock after selling 37,446 shares during the quarter. Pictet Asset Management Holding SA owned 0.54% of Modine Manufacturing worth $61,639,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MOD. Kemnay Advisory Services Inc. bought a new position in Modine Manufacturing during the 4th quarter valued at about $25,000. Spire Wealth Management bought a new stake in Modine Manufacturing in the fourth quarter worth about $27,000. Sunbelt Securities Inc. purchased a new position in shares of Modine Manufacturing during the third quarter valued at approximately $39,000. Danske Bank A S bought a new position in shares of Modine Manufacturing during the third quarter valued at approximately $43,000. Finally, Root Financial Partners LLC grew its stake in shares of Modine Manufacturing by 140.5% during the fourth quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company's stock valued at $49,000 after buying an additional 215 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MOD shares. B. Riley Financial raised their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. DA Davidson reiterated a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. KeyCorp lifted their target price on Modine Manufacturing from $250.00 to $370.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. Finally, UBS Group upped their price target on shares of Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Modine Manufacturing has an average rating of "Moderate Buy" and an average price target of $327.14.

Modine Manufacturing Trading Up 0.2%

MOD opened at $256.46 on Tuesday. The stock's fifty day moving average is $270.70 and its two-hundred day moving average is $215.01. The company has a market capitalization of $13.55 billion, a P/E ratio of 114.49, a PEG ratio of 0.83 and a beta of 1.65. Modine Manufacturing Company has a 52 week low of $86.48 and a 52 week high of $323.25. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The business had revenue of $954.40 million during the quarter, compared to analyst estimates of $920.67 million. During the same period in the previous year, the company posted $1.12 EPS. Modine Manufacturing's revenue was up 47.5% on a year-over-year basis. Analysts forecast that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

Insider Activity

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction dated Thursday, June 18th. The shares were 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 represents a 36.59% decrease in their position. The sale was disclosed in a legal 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, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director owned 42,350 shares in the company, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 54,302 shares of company stock worth $15,928,759. Company insiders own 2.48% of the company's stock.

Modine Manufacturing 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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