The Manufacturers Life Insurance Company Makes New $4.48 Million Investment in Modine Manufacturing Company $MOD

Key Points

• The Manufacturers Life Insurance Company acquired 16,769 Modine Manufacturing shares worth approximately $4.48 million in the second quarter. Institutional investors and hedge funds collectively own 95.23% of the company.
• Modine insiders sold 54,302 shares worth approximately $15.93 million over the past 90 days, including a vice president’s $11.3 million sale under a Rule 10b5-1 trading plan.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $320.14. Modine recently beat quarterly EPS estimates, reporting $1.53 versus the $1.27 consensus, while revenue rose 28% year over year.

The Manufacturers Life Insurance Company acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,769 shares of the auto parts company's stock, valued at approximately $4,478,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Optiver Holding B.V. lifted its holdings in Modine Manufacturing by 19.7% during the 1st quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company's stock valued at $51,000 after purchasing an additional 39 shares during the last quarter. World Investment Advisors increased its holdings in shares of Modine Manufacturing by 4.1% during the first quarter. World Investment Advisors now owns 1,643 shares of the auto parts company's stock worth $356,000 after buying an additional 65 shares in the last quarter. Xponance LLC raised its stake in shares of Modine Manufacturing by 1.7% in the fourth quarter. Xponance LLC now owns 4,424 shares of the auto parts company's stock valued at $591,000 after acquiring an additional 75 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Modine Manufacturing by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company's stock valued at $386,000 after acquiring an additional 103 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Modine Manufacturing by 18.3% in the 4th quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company's stock worth $91,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Transactions at Modine Manufacturing

In related news, 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 transaction, the insider owned 28,364 shares of the company's stock, valued at $8,369,081.84. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president owned 66,343 shares of the company's stock, valued at approximately $19,582,463.31. This 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. In the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MOD shares. KeyCorp decreased their price target on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. B. Riley Financial reaffirmed a "buy" rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. DA Davidson reaffirmed a "buy" rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. UBS Group raised their price target on shares of Modine Manufacturing to $310.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $179.15 on Tuesday. The firm has a fifty day moving average of $219.73 and a two-hundred day moving average of $235.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of 67.35, a PEG ratio of 0.58 and a beta of 1.71. Modine Manufacturing Company has a 52 week low of $111.18 and a 52 week high of $323.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.26. The business had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm's revenue was up 28.0% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. As a group, equities research analysts predict that Modine Manufacturing Company will post 7.65 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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