Robinhood Asset Management LLC Makes New $8.85 Million Investment in Modine Manufacturing Company $MOD

Key Points

• Robinhood Asset Management initiated an approximately $8.85 million position in Modine Manufacturing, buying 33,135 shares. Institutional investors and hedge funds collectively own 95.23% of the company.
• Modine reported quarterly EPS of $1.53, beating estimates of $1.27, while revenue rose 28% year over year to $874.1 million, slightly below expectations.
• Analysts maintain a generally positive view, with seven Buy ratings and two Holds and a consensus price target of $320.14, although several firms recently lowered their targets. MOD opened at $198.03, well below its 52-week high of $323.25.

Robinhood Asset Management LLC bought a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 33,135 shares of the auto parts company's stock, valued at approximately $8,848,000. Robinhood Asset Management LLC owned approximately 0.06% of Modine Manufacturing at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Lazard Asset Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter valued at about $1,722,000. Ranger Investment Management L.P. purchased a new stake in Modine Manufacturing during the first quarter worth about $15,557,000. Allspring Global Investments Holdings LLC boosted its holdings in Modine Manufacturing by 253.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company's stock worth $68,230,000 after buying an additional 219,373 shares in the last quarter. DUTCH ASSET Corp boosted its holdings in Modine Manufacturing by 122.2% during the first quarter. DUTCH ASSET Corp now owns 18,709 shares of the auto parts company's stock worth $4,055,000 after buying an additional 10,290 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new position in Modine Manufacturing during the second quarter worth about $6,402,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

MOD stock opened at $198.03 on Friday. The stock's 50 day moving average price is $232.44 and its 200 day moving average price is $236.03. The firm has a market cap of $10.52 billion, a P/E ratio of 74.45, a PEG ratio of 0.62 and a beta of 1.71. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. During the same quarter last year, the business posted $0.95 earnings per share. Modine Manufacturing's revenue was up 28.0% compared to the same quarter last year. On average, sell-side analysts expect that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MOD shares. Wall Street Zen cut shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. KeyCorp lowered their price target on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. UBS Group raised their price objective on Modine Manufacturing to $310.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. B. Riley Financial reaffirmed a "buy" rating and set a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Finally, DA Davidson reiterated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Modine Manufacturing has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Insider Activity at Modine Manufacturing

In related news, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction dated 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 completion of the transaction, the vice president owned 66,343 shares of the company's stock, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,302 shares of company stock valued at $15,928,759 over the last quarter. Insiders own 1.92% 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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