Allspring Global Investments Holdings LLC boosted its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 528.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,219 shares of the auto parts company's stock after purchasing an additional 80,908 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.18% of Modine Manufacturing worth $5,744,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in MOD. PNC Financial Services Group Inc. grew its stake in Modine Manufacturing by 966.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the auto parts company's stock valued at $29,000 after acquiring an additional 1,334 shares during the period. Point72 Middle East FZE acquired a new stake in Modine Manufacturing in the fourth quarter valued at approximately $31,000. Quantbot Technologies LP grew its stake in Modine Manufacturing by 123.5% in the first quarter. Quantbot Technologies LP now owns 3,800 shares of the auto parts company's stock valued at $34,000 after acquiring an additional 2,100 shares during the period. Tower Research Capital LLC TRC grew its stake in Modine Manufacturing by 161.3% in the first quarter. Tower Research Capital LLC TRC now owns 1,680 shares of the auto parts company's stock valued at $38,000 after acquiring an additional 1,037 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of Modine Manufacturing by 154.1% during the second quarter. Harbour Investments Inc. now owns 1,245 shares of the auto parts company's stock valued at $41,000 after buying an additional 755 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In related news, Director Christopher William Patterson sold 14,225 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $90.56, for a total transaction of $1,288,216.00. Following the sale, the director now owns 97,517 shares of the company's stock, valued at approximately $8,831,139.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Christopher William Patterson sold 14,225 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $90.56, for a total transaction of $1,288,216.00. Following the sale, the director now owns 97,517 shares of the company's stock, valued at approximately $8,831,139.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian Jon Agen sold 16,799 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $95.64, for a total value of $1,606,656.36. Following the sale, the vice president now directly owns 102,409 shares in the company, valued at approximately $9,794,396.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,336 shares of company stock valued at $10,330,115. Corporate insiders own 2.86% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on MOD shares. Oppenheimer started coverage on Modine Manufacturing in a research report on Tuesday, March 19th. They set an "outperform" rating and a $105.00 target price on the stock. StockNews.com cut Modine Manufacturing from a "buy" rating to a "hold" rating in a research report on Wednesday, January 31st. B. Riley reissued a "buy" rating and issued a $98.00 price objective (up previously from $88.00) on shares of Modine Manufacturing in a research report on Tuesday, February 27th. Finally, DA Davidson restated a "buy" rating and issued a $90.00 price objective on shares of Modine Manufacturing in a research note on Tuesday, February 27th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $97.67.
Get Our Latest Stock Report on Modine Manufacturing
Modine Manufacturing Stock Performance
NYSE:MOD traded down $0.07 during trading on Friday, reaching $83.69. The company's stock had a trading volume of 1,086,304 shares, compared to its average volume of 991,673. Modine Manufacturing has a 12 month low of $19.41 and a 12 month high of $106.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.21 and a current ratio of 1.93. The firm has a 50 day moving average of $88.71 and a 200-day moving average of $66.22. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 0.65 and a beta of 2.29.
Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results on Tuesday, January 30th. The auto parts company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.17. Modine Manufacturing had a return on equity of 25.28% and a net margin of 9.31%. The firm had revenue of $561.40 million for the quarter, compared to analysts' expectations of $594.84 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The business's revenue for the quarter was up .2% compared to the same quarter last year. Research analysts expect that Modine Manufacturing will post 3.27 EPS for the current fiscal year.
About Modine Manufacturing
(
Free Report)
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.
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