Sei Investments Co. Sells 28,955 Shares of Modine Manufacturing Company $MOD

Key Points

• Sei Investments reduced its stake in Modine Manufacturing by 9.9% in the first quarter, selling 28,955 shares and leaving it with 264,463 shares valued at about $57.3 million.
• Modine reported better-than-expected quarterly results, with EPS of $1.71 versus the $1.51 consensus and revenue of $954.4 million, up 47.5% year over year.
• Analysts remain mostly constructive on the stock: several firms raised price targets, and the consensus rating is Moderate Buy with an average target price of $327.14.

Sei Investments Co. cut its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 9.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 264,463 shares of the auto parts company's stock after selling 28,955 shares during the quarter. Sei Investments Co. owned 0.50% of Modine Manufacturing worth $57,312,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MOD. Invesco Ltd. raised its stake in shares of Modine Manufacturing by 120.4% in the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock worth $176,037,000 after purchasing an additional 720,389 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock worth $311,503,000 after buying an additional 560,131 shares in the last quarter. WT Asset Management Ltd purchased a new position in Modine Manufacturing in the 4th quarter worth about $69,255,000. Norges Bank bought a new position in Modine Manufacturing during the 4th quarter valued at about $58,309,000. Finally, Van Berkom & Associates Inc. lifted its stake in Modine Manufacturing by 3,145.2% during the 4th quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company's stock valued at $58,222,000 after acquiring an additional 422,646 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Price Performance

NYSE MOD opened at $241.46 on Friday. Modine Manufacturing Company has a 52 week low of $98.90 and a 52 week high of $323.25. The firm has a market capitalization of $12.82 billion, a P/E ratio of 107.80, a PEG ratio of 0.78 and a beta of 1.67. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average price of $262.07 and a 200-day moving average price of $227.62.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted 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. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company had revenue of $954.40 million for the quarter, compared to the consensus estimate of $920.67 million. During the same quarter last year, the firm posted $1.12 earnings per share. The firm's revenue was up 47.5% compared to the same quarter last year. Equities research analysts anticipate that Modine Manufacturing Company will post 7.72 earnings per share for the current year.

Insider Transactions at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, 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 disclosure for this sale is available in the SEC filing. Insiders have sold 54,302 shares of company stock worth $15,928,759 in the last 90 days. 1.92% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MOD shares. B. Riley Financial lifted their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Saturday. UBS Group raised their target price on shares of Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Oppenheimer lifted their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Finally, DA Davidson reissued a "buy" rating and set a $330.00 price target on shares of Modine Manufacturing in a report on Monday, June 22nd. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $327.14.

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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