Massachusetts Financial Services Co. MA Acquires 17,023 Shares of Modine Manufacturing Company $MOD

Massachusetts Financial Services Co. MA lifted its holdings in Modine Manufacturing Company (NYSE:MOD) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 331,913 shares of the auto parts company’s stock after acquiring an additional 17,023 shares during the period. Massachusetts Financial Services Co. MA owned 0.63% of Modine Manufacturing worth $47,185,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MOD. Allspring Global Investments Holdings LLC grew its position in Modine Manufacturing by 13.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 84,616 shares of the auto parts company’s stock valued at $12,512,000 after acquiring an additional 9,989 shares during the last quarter. Schear Investment Advisers LLC purchased a new stake in shares of Modine Manufacturing during the second quarter valued at $1,547,000. Park Avenue Securities LLC bought a new position in shares of Modine Manufacturing in the second quarter worth about $260,000. F m Investments LLC lifted its holdings in Modine Manufacturing by 12.7% during the 2nd quarter. F m Investments LLC now owns 57,972 shares of the auto parts company’s stock valued at $5,710,000 after buying an additional 6,510 shares in the last quarter. Finally, Pembroke Management LTD bought a new stake in Modine Manufacturing during the 3rd quarter valued at about $30,506,000. 95.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Modine Manufacturing news, CEO Neil David Brinker sold 31,871 shares of Modine Manufacturing stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $160.56, for a total value of $5,117,207.76. Following the transaction, the chief executive officer directly owned 238,312 shares of the company’s stock, valued at approximately $38,263,374.72. The trade was a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on MOD shares. UBS Group began coverage on shares of Modine Manufacturing in a research note on Thursday, November 20th. They issued a “buy” rating and a $173.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. KeyCorp raised their price objective on Modine Manufacturing from $160.00 to $175.00 and gave the stock an “overweight” rating in a report on Tuesday, October 14th. DA Davidson reiterated a “buy” rating and issued a $200.00 target price on shares of Modine Manufacturing in a report on Wednesday, November 19th. Finally, Oppenheimer increased their price target on Modine Manufacturing from $145.00 to $180.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 14th. Four 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $182.00.

Modine Manufacturing Price Performance

Shares of MOD stock opened at $143.58 on Thursday. The stock’s 50-day moving average is $141.01 and its 200 day moving average is $138.36. Modine Manufacturing Company has a 1-year low of $64.79 and a 1-year high of $166.94. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.00 and a quick ratio of 1.16. The company has a market cap of $7.56 billion, a P/E ratio of 41.50, a PEG ratio of 0.87 and a beta of 1.70.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, October 28th. The auto parts company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.97 by $0.09. Modine Manufacturing had a net margin of 6.93% and a return on equity of 23.19%. The business had revenue of $738.90 million during the quarter, compared to analyst estimates of $699.91 million. During the same period in the prior year, the firm posted $0.97 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Research analysts predict that Modine Manufacturing Company will post 3.88 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.