William Blair Investment Management LLC Invests $57.12 Million in Modine Manufacturing Company $MOD

Key Points

• William Blair Investment Management purchased 213,929 Modine Manufacturing shares worth approximately $57.1 million, acquiring a 0.40% stake. Institutional investors collectively own 95.23% of the company.
• Analysts remain broadly positive, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $320.14, despite some target-price adjustments.
• Modine exceeded quarterly earnings expectations, reporting $1.53 EPS versus the $1.27 consensus, while revenue rose 28% year over year to $874.1 million. However, insiders sold $15.9 million of shares over the past three months.

William Blair Investment Management LLC purchased a new position in Modine Manufacturing Company (NYSE:MOD - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 213,929 shares of the auto parts company's stock, valued at approximately $57,123,000. William Blair Investment Management LLC owned 0.40% of Modine Manufacturing at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in Modine Manufacturing in the first quarter worth $25,000. Rakuten Securities Inc. bought a new stake in shares of Modine Manufacturing in the second quarter valued at $40,000. Kemnay Advisory Services Inc. purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at $25,000. Optiver Holding B.V. lifted 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 buying an additional 39 shares during the last quarter. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of Modine Manufacturing during the 2nd quarter valued at $65,000. Hedge funds and other institutional investors own 95.23% of the company's stock.

Insider Activity

In other news, insider Eric S. Mcginnis sold 1,020 shares of the business's stock in a transaction 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 completion of the transaction, the insider directly owned 28,364 shares in the company, valued at $8,369,081.84. The trade was a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric D. Ashleman sold 15,000 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the transaction, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. The trade was a 26.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,302 shares of company stock worth $15,928,759 in the last three months. Corporate insiders own 1.92% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MOD. B. Riley Financial reissued a "buy" rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Oppenheimer upped their price objective on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, May 28th. DA Davidson reiterated a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, UBS Group lifted 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 equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Price Performance

MOD stock opened at $198.03 on Friday. The firm has a 50 day moving average of $232.44 and a 200-day moving average of $236.03. 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 12 month low of $111.18 and a 12 month high of $323.25. The firm has a market capitalization of $10.52 billion, a P/E ratio of 74.45, a price-to-earnings-growth ratio of 0.62 and a beta of 1.71.

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