WT Asset Management Ltd Purchases New Position in Modine Manufacturing Company $MOD

Key Points

• WT Asset Management acquired 293,655 Modine shares worth approximately $78.4 million, giving it a 0.55% stake and making Modine its 17th-largest holding. Institutional investors collectively own 95.23% of the company.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds; Modine has a consensus rating of “Moderate Buy” and an average price target of $320.14.
• Modine beat quarterly earnings expectations with EPS of $1.53 versus $1.27 anticipated, while revenue rose 28% year over year to $874.1 million. However, insiders sold more than 54,000 shares worth about $15.9 million over the past 90 days.

WT Asset Management Ltd acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 293,655 shares of the auto parts company's stock, valued at approximately $78,412,000. Modine Manufacturing comprises about 1.6% of WT Asset Management Ltd's portfolio, making the stock its 17th biggest holding. WT Asset Management Ltd owned about 0.55% of Modine Manufacturing as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in Modine Manufacturing in the first quarter worth $25,000. Kemnay Advisory Services Inc. bought a new stake in shares of Modine Manufacturing in the 4th quarter valued at $25,000. Optiver Holding B.V. raised its stake 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 worth $51,000 after buying an additional 39 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Modine Manufacturing during the 2nd quarter worth $72,000. Finally, Sunbelt Securities Inc. bought a new position in Modine Manufacturing during the third quarter worth about $39,000. Institutional investors own 95.23% of the company's stock.

Analyst Upgrades and Downgrades

MOD has been the subject of several recent analyst reports. Glj Research restated a "buy" rating and issued a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. KeyCorp decreased their price objective 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. DA Davidson reissued a "buy" rating and set a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Modine Manufacturing from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, Oppenheimer lifted their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $320.14.

Modine Manufacturing Stock Up 3.8%

MOD stock opened at $217.56 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The stock has a market capitalization of $11.55 billion, a P/E ratio of 81.79, a P/E/G ratio of 0.68 and a beta of 1.71. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The business has a 50-day moving average of $238.43 and a 200-day moving average of $235.75.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its earnings results on Tuesday, July 28th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. The firm had revenue of $874.10 million for the quarter, compared to analysts' expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business's quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. On average, sell-side analysts anticipate that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Insider Activity at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their position. 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 company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the sale, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. The trade was a 36.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Corporate insiders own 1.92% of the company's stock.

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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