Vestcor Inc Sells 2,344 Shares of Modine Manufacturing Company (NYSE:MOD)

Key Points

• Vestcor Inc has significantly reduced its stake in Modine Manufacturing by 52.9% in the first quarter, owning 2,083 shares worth $160,000 after selling 2,344 shares.
• Insider trading at Modine includes the sale of 134,378 shares worth approximately $16.3 million in the last quarter, indicating a substantial decrease in ownership by executives.
• Modine Manufacturing recently reported earnings of $1.06 per share, exceeding analyst estimates and indicating a revenue increase of 3.2% year-over-year.

Vestcor Inc cut its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 52.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,083 shares of the auto parts company's stock after selling 2,344 shares during the period. Vestcor Inc's holdings in Modine Manufacturing were worth $160,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of Modine Manufacturing by 63.1% during the 1st quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after buying an additional 142 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Modine Manufacturing by 245.9% in the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock valued at $32,000 after buying an additional 300 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Modine Manufacturing in the 1st quarter valued at about $46,000. First Horizon Advisors Inc. grew its position in shares of Modine Manufacturing by 442.4% in the 1st quarter. First Horizon Advisors Inc. now owns 640 shares of the auto parts company's stock valued at $49,000 after buying an additional 522 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Modine Manufacturing by 14.2% during the 1st quarter. IFP Advisors Inc now owns 911 shares of the auto parts company's stock valued at $70,000 after purchasing an additional 113 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, VP Brian Jon Agen sold 47,939 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $110.50, for a total transaction of $5,297,259.50. Following the sale, the vice president directly owned 90,015 shares in the company, valued at approximately $9,946,657.50. This trade represents a 34.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael B. Lucareli sold 40,422 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $140.47, for a total value of $5,678,078.34. Following the transaction, the executive vice president directly owned 41,920 shares in the company, valued at $5,888,502.40. The trade was a 49.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,800 shares of company stock worth $21,991,034 in the last 90 days. 2.48% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MOD shares. Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Oppenheimer increased their price target on Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Finally, KeyCorp raised their target price on Modine Manufacturing from $125.00 to $150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st.

Modine Manufacturing Price Performance

NYSE:MOD traded up $0.61 during trading hours on Friday, hitting $135.76. 262,046 shares of the company's stock traded hands, compared to its average volume of 1,229,482. The firm has a market cap of $7.13 billion, a P/E ratio of 38.96, a P/E/G ratio of 0.87 and a beta of 2.12. Modine Manufacturing Company has a 52 week low of $64.79 and a 52 week high of $146.84. The business's fifty day simple moving average is $101.08 and its two-hundred day simple moving average is $93.74. The company has a quick ratio of 1.28, a current ratio of 2.06 and a debt-to-equity ratio of 0.47.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The auto parts company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $682.80 million during the quarter, compared to analyst estimates of $653.80 million. Modine Manufacturing had a return on equity of 23.90% and a net margin of 7.21%. The company's revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. On average, research analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing Profile

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.