Wellington Management Group LLP Sells 58,752 Shares of Modine Manufacturing Company $MOD

Key Points

• Wellington Management reduced its Modine Manufacturing stake by 5.8%, selling 58,752 shares and retaining 961,169 shares worth approximately $256.7 million. Institutional investors collectively own 95.23% of the company.
• Modine reported quarterly EPS of $1.53, beating estimates of $1.27, while revenue rose 28% year over year to $874.1 million, slightly below expectations.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $320.14. However, company insiders sold 54,302 shares worth $15.9 million over the past 90 days.

Wellington Management Group LLP lessened its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 961,169 shares of the auto parts company's stock after selling 58,752 shares during the period. Wellington Management Group LLP owned 1.81% of Modine Manufacturing worth $256,651,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of MOD. Optiver Holding B.V. boosted its position in shares of 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 in the last quarter. World Investment Advisors lifted its holdings in shares of Modine Manufacturing by 4.1% in the first quarter. World Investment Advisors now owns 1,643 shares of the auto parts company's stock valued at $356,000 after purchasing an additional 65 shares in the last quarter. Xponance LLC boosted its holdings in Modine Manufacturing by 1.7% during the 4th quarter. Xponance LLC now owns 4,424 shares of the auto parts company's stock worth $591,000 after acquiring an additional 75 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Modine Manufacturing by 6.1% during the first quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company's stock worth $386,000 after purchasing an additional 103 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Modine Manufacturing by 18.3% in the fourth quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company's stock valued at $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 Activity

In related news, Director Eric D. Ashleman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares of the company's stock, valued at $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the vice president owned 66,343 shares of the company's stock, valued at approximately $19,582,463.31. The trade was 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. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 over the last 90 days. 1.92% of the stock is currently owned by insiders.

Modine Manufacturing Trading Down 0.1%

NYSE MOD opened at $177.47 on Monday. The stock has a 50 day simple moving average of $222.05 and a two-hundred day simple moving average of $235.54. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. 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 cap of $9.43 billion, a P/E ratio of 66.72, a price-to-earnings-growth ratio of 0.58 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The company's revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. On average, analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on the stock. B. Riley Financial reaffirmed a "buy" rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Glj Research reaffirmed a "buy" rating and set a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. UBS Group increased 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. KeyCorp reduced their target price on Modine Manufacturing from $370.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

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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