Principal Financial Group Inc. Trims Position in Modine Manufacturing Company (NYSE:MOD)

Principal Financial Group Inc. lessened its stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 5.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 827,927 shares of the auto parts company's stock after selling 45,191 shares during the period. Principal Financial Group Inc. owned 1.57% of Modine Manufacturing worth $63,543,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. First Horizon Advisors Inc. grew its holdings in Modine Manufacturing by 442.4% during the first quarter. First Horizon Advisors Inc. now owns 640 shares of the auto parts company's stock valued at $49,000 after purchasing an additional 522 shares during the period. Cannon Global Investment Management LLC grew its holdings in Modine Manufacturing by 25.0% during the first quarter. Cannon Global Investment Management LLC now owns 6,000 shares of the auto parts company's stock valued at $460,000 after purchasing an additional 1,200 shares during the period. Peregrine Capital Management LLC grew its holdings in Modine Manufacturing by 13.3% during the first quarter. Peregrine Capital Management LLC now owns 114,338 shares of the auto parts company's stock valued at $8,775,000 after purchasing an additional 13,389 shares during the period. Skylands Capital LLC bought a new stake in Modine Manufacturing during the first quarter valued at about $130,000. Finally, KBC Group NV grew its holdings in Modine Manufacturing by 16.0% during the first quarter. KBC Group NV now owns 2,411 shares of the auto parts company's stock valued at $185,000 after purchasing an additional 333 shares during the period. Institutional investors own 95.23% of the company's stock.

Modine Manufacturing Stock Performance

NYSE MOD opened at $104.47 on Friday. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 0.68 and a beta of 2.04. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $95.09 and a 200-day moving average price of $95.84. Modine Manufacturing Company has a twelve month low of $64.79 and a twelve month high of $146.84.

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

Wall Street Analysts Forecast Growth

MOD has been the subject of several recent research reports. Oppenheimer boosted their price target on Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a report on Tuesday, July 1st. DA Davidson reissued a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th. Wall Street Zen raised Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Finally, KeyCorp initiated coverage on Modine Manufacturing in a research note on Thursday, June 12th. They issued an "overweight" rating and a $125.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Modine Manufacturing has a consensus rating of "Buy" and an average target price of $135.50.

About Modine Manufacturing

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.

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