Southernsun Asset Management LLC Has $23.90 Million Position in Modine Manufacturing Company $MOD

Key Points

• Southernsun Asset Management cut its Modine Manufacturing stake by 55.6% in the first quarter, leaving it with 110,286 shares valued at about $23.9 million. The position still represented 3.5% of the fund’s portfolio.
• Insider selling picked up recently, including sales by Eric S. Mcginnis and VP Brian Jon Agen, with insiders selling a total of 54,302 shares worth about $15.9 million over the last 90 days.
• Modine reported strong quarterly results, beating EPS and revenue estimates with $1.71 EPS and $954.4 million in revenue, while analysts remain mostly bullish with a Moderate Buy consensus and a $327.14 average price target.

Southernsun Asset Management LLC lessened its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 55.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 110,286 shares of the auto parts company's stock after selling 138,122 shares during the period. Modine Manufacturing comprises about 3.5% of Southernsun Asset Management LLC's portfolio, making the stock its 16th biggest position. Southernsun Asset Management LLC owned 0.21% of Modine Manufacturing worth $23,900,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MOD. V Square Quantitative Management LLC acquired a new position in shares of Modine Manufacturing in the first quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new stake in Modine Manufacturing in the fourth quarter valued at approximately $25,000. Spire Wealth Management acquired a new stake in Modine Manufacturing during the 4th quarter valued at approximately $27,000. Sunbelt Securities Inc. acquired a new stake in Modine Manufacturing during the 3rd quarter valued at approximately $39,000. Finally, Danske Bank A S acquired a new position in shares of Modine Manufacturing in the 3rd quarter worth approximately $43,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Buying and Selling

In other news, 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 transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the 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 transaction, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This trade represents a 36.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 54,302 shares of company stock valued at $15,928,759 over the last ninety days. 1.92% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MOD has been the topic of a number of analyst reports. KeyCorp upped their price objective on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an "overweight" rating in a research note on Wednesday, May 27th. B. Riley Financial lifted their target price 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. DA Davidson restated a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Glj Research reaffirmed a "buy" rating and set a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. Finally, Zacks Research downgraded Modine Manufacturing from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $327.14.

Modine Manufacturing Price Performance

Shares of MOD opened at $246.52 on Wednesday. The firm has a market cap of $13.09 billion, a PE ratio of 110.05, a price-to-earnings-growth ratio of 0.74 and a beta of 1.67. Modine Manufacturing Company has a 52-week low of $90.41 and a 52-week high of $323.25. The business's 50 day moving average price is $264.13 and its two-hundred day moving average price is $225.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million during the quarter, compared to the consensus estimate of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company's quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 EPS. On average, equities analysts anticipate that Modine Manufacturing Company will post 7.72 EPS for the current year.

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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