Spirepoint Private Client LLC Trims Holdings in Modine Manufacturing Company (NYSE:MOD)

Spirepoint Private Client LLC cut its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 37.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,473 shares of the auto parts company's stock after selling 2,668 shares during the period. Spirepoint Private Client LLC's holdings in Modine Manufacturing were worth $343,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of Modine Manufacturing by 2.0% in the fourth quarter. Rhumbline Advisers now owns 79,664 shares of the auto parts company's stock worth $9,235,000 after buying an additional 1,539 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after buying an additional 269 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock worth $3,973,000 after buying an additional 159 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Modine Manufacturing by 25.5% in the fourth quarter. Handelsbanken Fonder AB now owns 13,300 shares of the auto parts company's stock worth $1,542,000 after buying an additional 2,700 shares during the last quarter. Finally, Rothschild Investment LLC boosted its stake in shares of Modine Manufacturing by 34.4% in the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock worth $199,000 after buying an additional 440 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on MOD shares. Wall Street Zen upgraded Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. KeyCorp began coverage on Modine Manufacturing in a research report on Thursday, June 12th. They set an "overweight" rating and a $125.00 price target on the stock. Oppenheimer increased their price target on Modine Manufacturing from $114.00 to $121.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Finally, DA Davidson reiterated a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $135.25.

Modine Manufacturing Price Performance

MOD stock traded down $0.18 during mid-day trading on Friday, reaching $101.57. 1,192,163 shares of the company's stock were exchanged, compared to its average volume of 944,037. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 29.70, a price-to-earnings-growth ratio of 0.66 and a beta of 2.06. The stock's 50 day moving average is $92.52 and its 200 day moving average is $96.76. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.78 and a quick ratio of 1.15. Modine Manufacturing Company has a 12-month low of $64.79 and a 12-month high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The company had revenue of $647.20 million for the quarter, compared to the consensus estimate of $633.13 million. During the same quarter in the prior year, the business posted $0.77 earnings per share. Modine Manufacturing's revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts expect that Modine Manufacturing Company will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has approved a share repurchase plan on Friday, March 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.