Granahan Investment Management LLC Raises Position in Modine Manufacturing Company $MOD

Granahan Investment Management LLC boosted its holdings in Modine Manufacturing Company (NYSE:MOD) by 15.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,586 shares of the auto parts company’s stock after purchasing an additional 51,112 shares during the quarter. Modine Manufacturing makes up about 4.0% of Granahan Investment Management LLC’s investment portfolio, making the stock its 4th largest holding. Granahan Investment Management LLC’s holdings in Modine Manufacturing were worth $81,827,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MOD. V Square Quantitative Management LLC bought a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Modine Manufacturing in the fourth quarter worth $25,000. Spire Wealth Management acquired a new position in shares of Modine Manufacturing during the fourth quarter valued at $27,000. Sunbelt Securities Inc. bought a new stake in shares of Modine Manufacturing during the third quarter valued at about $39,000. Finally, Danske Bank A S acquired a new stake in Modine Manufacturing in the third quarter worth about $43,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Modine Manufacturing

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on 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 completion of the sale, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the firm’s stock in a transaction on 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 sale, the insider directly owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MOD shares. Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Glj Research reissued a “buy” rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. B. Riley Financial lifted their target price on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. UBS Group upped their price target on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 22nd. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

Modine Manufacturing Trading Down 3.3%

Shares of NYSE MOD opened at $241.46 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. Modine Manufacturing Company has a 12 month low of $98.90 and a 12 month high of $323.25. The company has a market cap of $12.82 billion, a price-to-earnings ratio of 107.80, a P/E/G ratio of 0.81 and a beta of 1.67. The business has a fifty day simple moving average of $262.07 and a 200-day simple moving average of $227.62.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. During the same quarter last year, the business posted $1.12 EPS. Modine Manufacturing’s revenue was up 47.5% on a year-over-year basis. Sell-side analysts predict that Modine Manufacturing Company will post 7.72 EPS for the current 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.