1,500 Shares in Modine Manufacturing (NYSE:MOD) Bought by Sound Income Strategies LLC

by · The Cerbat Gem

Sound Income Strategies LLC acquired a new stake in shares of Modine Manufacturing (NYSE:MOD – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,500 shares of the auto parts company’s stock, valued at approximately $199,000.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Modine Manufacturing by 27.3% in the first quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock worth $372,099,000 after purchasing an additional 838,460 shares in the last quarter. Capital International Investors grew its position in Modine Manufacturing by 40.6% during the 1st quarter. Capital International Investors now owns 1,425,845 shares of the auto parts company’s stock worth $135,726,000 after acquiring an additional 411,946 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in Modine Manufacturing by 32.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,101,932 shares of the auto parts company’s stock valued at $110,403,000 after purchasing an additional 272,174 shares in the last quarter. Hennessy Advisors Inc. raised its position in Modine Manufacturing by 20.4% in the 1st quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock valued at $68,004,000 after purchasing an additional 121,200 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in Modine Manufacturing by 5.1% in the second quarter. Fred Alger Management LLC now owns 369,840 shares of the auto parts company’s stock worth $37,054,000 after purchasing an additional 17,889 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Insider Buying and Selling

In related news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $109.74, for a total value of $3,775,056.00. Following the transaction, the director now directly owns 144,038 shares of the company’s stock, valued at $15,806,730.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Modine Manufacturing Stock Up 2.5 %

Modine Manufacturing stock opened at $134.20 on Monday. Modine Manufacturing has a fifty-two week low of $38.50 and a fifty-two week high of $138.99. The firm has a market capitalization of $7.03 billion, a PE ratio of 44.29, a P/E/G ratio of 1.02 and a beta of 2.22. The company’s 50-day moving average is $116.30 and its 200-day moving average is $105.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.80 and a quick ratio of 1.11.

Modine Manufacturing (NYSE:MOD – Get Free Report) last announced its earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.18. The company had revenue of $661.50 million during the quarter, compared to analysts’ expectations of $633.55 million. Modine Manufacturing had a net margin of 6.70% and a return on equity of 24.92%. Modine Manufacturing’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 earnings per share. Sell-side analysts anticipate that Modine Manufacturing will post 3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. William Blair initiated coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating for the company. Oppenheimer reissued an “outperform” rating and set a $135.00 price target on shares of Modine Manufacturing in a research report on Thursday, September 12th. DA Davidson raised their price objective on Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, B. Riley increased their target price on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and an average target price of $143.33.

Get Our Latest Stock Report on MOD

Modine Manufacturing Company Profile

(Free Report)

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.

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