Royal Bank of Canada Has $17.05 Million Stock Holdings in Modine Manufacturing Company $MOD

Key Points

• Royal Bank of Canada reduced its Modine Manufacturing stake by 8.9% in the first quarter, selling 7,674 shares and retaining 78,688 shares valued at approximately $17.05 million. Institutional investors collectively own 95.23% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and two Holds producing a consensus “Moderate Buy” rating and average price target of $320.14, although several firms recently lowered their targets.
• Modine exceeded quarterly earnings expectations, reporting $1.53 EPS versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million. Meanwhile, insiders sold 54,302 shares worth about $15.93 million over the past 90 days.

Royal Bank of Canada decreased its stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,688 shares of the auto parts company's stock after selling 7,674 shares during the period. Royal Bank of Canada owned 0.15% of Modine Manufacturing worth $17,053,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Modine Manufacturing in the 1st quarter valued at about $25,000. Kemnay Advisory Services Inc. acquired a new position in shares of Modine Manufacturing during the fourth quarter worth approximately $25,000. Sunbelt Securities Inc. acquired a new position in shares of Modine Manufacturing during the third quarter worth approximately $39,000. Danske Bank A S bought a new stake in shares of Modine Manufacturing during the third quarter valued at approximately $43,000. Finally, Root Financial Partners LLC increased its holdings in shares of Modine Manufacturing by 140.5% in the fourth quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company's stock valued at $49,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 95.23% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Zacks Research cut shares of Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. B. Riley Financial reiterated a "buy" rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. KeyCorp dropped their target price on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Weiss Ratings raised Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, May 28th. Finally, Oppenheimer raised their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $320.14.

Modine Manufacturing Price Performance

MOD opened at $193.16 on Friday. The stock has a market cap of $10.26 billion, a P/E ratio of 72.61, a P/E/G ratio of 0.64 and a beta of 1.71. Modine Manufacturing Company has a 12 month low of $111.18 and a 12 month 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. The company has a fifty day simple moving average of $250.63 and a 200 day simple moving average of $232.85.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business's revenue was up 28.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 earnings per share. On average, research analysts expect that Modine Manufacturing Company will post 7.65 EPS for the current year.

Insider Buying and Selling

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of Modine Manufacturing stock in a transaction dated Thursday, June 18th. The stock was 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 of the company's stock, valued at $19,582,463.31. This trade represents a 36.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 business's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares in the company, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 1.92% of the company's stock.

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.

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