Portside Wealth Group LLC Buys Shares of 3,080 Modine Manufacturing Company $MOD

Portside Wealth Group LLC purchased a new position in shares of Modine Manufacturing Company (NYSE:MOD) during the third quarter, Holdings Channel reports. The institutional investor purchased 3,080 shares of the auto parts company’s stock, valued at approximately $438,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wasatch Advisors LP increased its position in Modine Manufacturing by 1.4% during the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock valued at $176,553,000 after purchasing an additional 23,955 shares during the period. State Street Corp boosted its stake in shares of Modine Manufacturing by 4.2% during the second quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after purchasing an additional 53,351 shares in the last quarter. Geode Capital Management LLC increased its holdings in Modine Manufacturing by 1.2% during the second quarter. Geode Capital Management LLC now owns 1,214,976 shares of the auto parts company’s stock valued at $119,690,000 after buying an additional 14,096 shares during the period. Artisan Partners Limited Partnership raised its stake in Modine Manufacturing by 2.6% in the second quarter. Artisan Partners Limited Partnership now owns 941,779 shares of the auto parts company’s stock worth $92,765,000 after buying an additional 24,312 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Modine Manufacturing by 0.3% during the second quarter. Ameriprise Financial Inc. now owns 800,471 shares of the auto parts company’s stock worth $78,846,000 after buying an additional 2,554 shares during the period. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Performance

MOD opened at $215.80 on Friday. The company has a market cap of $11.36 billion, a P/E ratio of 119.89, a price-to-earnings-growth ratio of 1.30 and a beta of 1.71. The company has a quick ratio of 1.16, a current ratio of 2.00 and a debt-to-equity ratio of 0.50. The firm’s 50-day moving average price is $148.62 and its 200-day moving average price is $144.81. Modine Manufacturing Company has a 52-week low of $64.79 and a 52-week high of $220.42.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. Modine Manufacturing had a net margin of 3.40% and a return on equity of 23.74%. The company had revenue of $805.00 million during the quarter, compared to analysts’ expectations of $763.54 million. During the same period last year, the business earned $0.92 EPS. Modine Manufacturing’s revenue for the quarter was up 30.5% on a year-over-year basis. As a group, equities analysts anticipate that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Neil David Brinker sold 31,871 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was 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 $38,263,374.72. This represents a 11.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Suresh V. Garimella sold 1,100 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total value of $202,477.00. Following the completion of the transaction, the director owned 79,856 shares of the company’s stock, valued at $14,699,093.92. This trade represents a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,071 shares of company stock worth $5,484,685 over the last three months. Corporate insiders own 2.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MOD shares. KeyCorp lifted their price target on Modine Manufacturing from $160.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. Zacks Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. Oppenheimer lifted their price objective on shares of Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group started coverage on shares of Modine Manufacturing in a research note on Thursday, November 20th. They set a “buy” rating and a $173.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $197.00.

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.