Ranger Investment Management L.P. Takes Position in Modine Manufacturing Company $MOD

Key Points

• Ranger Investment Management acquired 67,226 Modine Manufacturing shares worth approximately $17.95 million, giving it a 0.13% stake. Institutional investors collectively own 95.23% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $320.14.
• Modine exceeded quarterly earnings expectations, reporting $1.53 in EPS versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million. The stock opened at $198.03, well below its 52-week high of $323.25.

Ranger Investment Management L.P. acquired a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 67,226 shares of the auto parts company's stock, valued at approximately $17,951,000. Ranger Investment Management L.P. owned 0.13% of Modine Manufacturing as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Modine Manufacturing by 26.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company's stock worth $2,857,000 after acquiring an additional 7,831 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Modine Manufacturing by 8.3% during the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company's stock worth $6,767,000 after buying an additional 5,244 shares in the last quarter. State Street Corp grew its stake in Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company's stock valued at $128,985,000 after purchasing an additional 53,351 shares during the period. Qube Research & Technologies Ltd increased its holdings in Modine Manufacturing by 106.3% during the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company's stock worth $15,890,000 after buying an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Modine Manufacturing by 70.8% in the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company's stock worth $30,501,000 after purchasing an additional 128,348 shares during the period. Institutional investors and hedge funds own 95.23% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on MOD shares. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. KeyCorp cut their price target on shares of Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. UBS Group increased their price objective on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. Glj Research reiterated a "buy" rating and issued a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. Finally, Oppenheimer boosted their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Trading Up 0.2%

NYSE:MOD opened at $198.03 on Monday. The stock has a market cap of $10.52 billion, a price-to-earnings ratio of 74.45, a PEG ratio of 0.65 and a beta of 1.71. The company's 50 day moving average price is $232.44 and its 200-day moving average price is $236.31. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.26. The firm had revenue of $874.10 million during the quarter, compared to analysts' expectations of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The firm's quarterly revenue was up 28.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 earnings per share. On average, equities research analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric S. Mcginnis sold 1,020 shares of the firm's stock in a transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the sale, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. The trade was a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 54,302 shares of company stock worth $15,928,759. Corporate insiders own 1.92% 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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