Principal Financial Group Inc. Has $128.36 Million Stake in Modine Manufacturing Company $MOD

Key Points

• Principal Financial Group cut its Modine Manufacturing stake by 22.4% in the first quarter, though it still held 592,292 shares worth about $128.4 million.
• Modine reported better-than-expected quarterly results, with EPS of $1.71 versus $1.51 expected and revenue of $954.4 million, up 47.5% year over year.
• Analysts remain largely positive on the stock, with a Moderate Buy consensus and an average price target of $327.14, even as some insiders recently sold shares.

Principal Financial Group Inc. lowered its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 592,292 shares of the auto parts company's stock after selling 171,389 shares during the quarter. Principal Financial Group Inc. owned approximately 1.12% of Modine Manufacturing worth $128,356,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Modine Manufacturing during the 1st quarter valued at approximately $25,000. Kemnay Advisory Services Inc. bought a new position in Modine Manufacturing in the 4th quarter valued at approximately $25,000. Spire Wealth Management acquired a new stake in Modine Manufacturing in the fourth quarter valued at approximately $27,000. Sunbelt Securities Inc. acquired a new stake in Modine Manufacturing in the third quarter valued at approximately $39,000. Finally, Danske Bank A S bought a new stake in shares of Modine Manufacturing during the third quarter worth $43,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 1.1%

NYSE MOD opened at $232.19 on Thursday. The firm has a market capitalization of $12.33 billion, a PE ratio of 103.66, a price-to-earnings-growth ratio of 0.74 and a beta of 1.67. The business's 50-day moving average price is $267.64 and its two-hundred day moving average price is $223.20. 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 Company has a 12 month low of $88.76 and a 12 month high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.51 by $0.20. The company had revenue of $954.40 million during the quarter, compared to the consensus estimate of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm's revenue was up 47.5% compared to the same quarter last year. During the same period last year, the company earned $1.12 earnings per share. On average, analysts expect that Modine Manufacturing Company will post 7.72 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday, May 30th. Weiss Ratings upgraded Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 28th. Zacks Research cut Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. B. Riley Financial increased their target price on Modine Manufacturing from $250.00 to $264.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Finally, UBS Group lifted their price target on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $327.14.

Insider Buying and Selling at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the business'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 transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric D. Ashleman sold 15,000 shares of the company's stock in a transaction 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 completion of the sale, the director directly 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. In the last 90 days, insiders sold 54,302 shares of company stock valued at $15,928,759. 2.48% of the stock is currently owned by company insiders.

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.

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.