SIR Capital Management L.P. Purchases New Position in Modine Manufacturing Company $MOD

Key Points

• SIR Capital Management acquired 39,144 Modine Manufacturing shares worth approximately $10.45 million, giving it a 0.07% stake and making MOD one of its 29 largest portfolio positions.
• Institutional ownership remains high at 95.23%, while Modine insiders sold 54,302 shares worth about $15.9 million over the past three months.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $320.14 price target. Modine also exceeded quarterly EPS expectations, reporting $1.53 versus the $1.27 consensus, while revenue rose 28% year over year.

SIR Capital Management L.P. acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 39,144 shares of the auto parts company's stock, valued at approximately $10,452,000. Modine Manufacturing makes up about 1.2% of SIR Capital Management L.P.'s portfolio, making the stock its 29th biggest position. SIR Capital Management L.P. owned approximately 0.07% of Modine Manufacturing at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the transaction, the director directly owned 42,350 shares of the company's stock, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing 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 transaction, the insider directly owned 28,364 shares of the company's stock, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,302 shares of company stock worth $15,928,759 over the last three months. 1.92% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MOD shares. Wall Street Zen downgraded Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. 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. Weiss Ratings upgraded Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, May 28th. B. Riley Financial reaffirmed a "buy" rating and set a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Finally, Oppenheimer increased 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 investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $188.48 on Tuesday. The firm has a market capitalization of $10.01 billion, a PE ratio of 70.86, a PEG ratio of 0.65 and a beta of 1.71. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The business's 50 day moving average is $230.48 and its 200-day moving average is $236.23. 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 announced its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.27 by $0.26. The company 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 business's revenue was up 28.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 EPS. Sell-side analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

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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