TimesSquare Capital Management LLC Invests $16.30 Million in Modine Manufacturing Company $MOD

Key Points

• TimesSquare Capital Management initiated a $16.30 million stake in Modine Manufacturing, purchasing 61,033 shares, while institutional investors collectively own 95.23% of the company.
• Modine’s latest quarter exceeded expectations, with EPS of $1.53 versus a $1.27 consensus estimate and revenue rising 28% year over year to $874.1 million.
• Analysts maintain a Moderate Buy consensus, with seven Buy ratings and two Holds and an average price target of $320.14; however, insiders have sold about $15.9 million of shares over the past 90 days.

TimesSquare Capital Management LLC bought a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 61,033 shares of the auto parts company's stock, valued at approximately $16,297,000. TimesSquare Capital Management LLC owned 0.11% of Modine Manufacturing as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Invesco Ltd. increased its position in Modine Manufacturing by 120.4% during the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company's stock worth $176,037,000 after buying an additional 720,389 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Modine Manufacturing by 31.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company's stock valued at $311,503,000 after buying an additional 560,131 shares during the last quarter. WT Asset Management Ltd acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $69,255,000. Janus Henderson Group PLC boosted its stake in shares of Modine Manufacturing by 2,249.9% during the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company's stock worth $113,459,000 after acquiring an additional 501,229 shares during the period. Finally, Norges Bank bought a new position in shares of Modine Manufacturing during the 4th quarter worth approximately $58,309,000. Institutional investors 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 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 value of $300,961.20. Following the transaction, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the firm'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 transaction, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. B. Riley Financial restated a "buy" rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. DA Davidson reaffirmed a "buy" rating and set a $330.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 22nd. Glj Research reiterated a "buy" rating and issued a $428.00 price objective on shares of Modine Manufacturing in a report on Monday, June 1st. Weiss Ratings raised shares of Modine Manufacturing from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, May 28th. Finally, UBS Group raised their target price on shares of Modine Manufacturing to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $217.56 on Tuesday. The firm has a market cap of $11.55 billion, a P/E ratio of 81.79, a price-to-earnings-growth ratio of 0.68 and a beta of 1.71. The business's 50 day moving average is $238.43 and its 200-day moving average is $235.75. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. 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 released its quarterly earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business had revenue of $874.10 million during the quarter, compared to the consensus estimate of $878.69 million. During the same period in the previous year, the company posted $0.95 EPS. The firm's quarterly revenue was up 28.0% on a year-over-year basis. Equities research 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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