Modine Manufacturing Company $MOD Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 38.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 181,000 shares of the auto parts company’s stock after selling 111,700 shares during the quarter. Gabelli Funds LLC’s holdings in Modine Manufacturing were worth $39,225,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Perigon Wealth Management LLC increased its position in Modine Manufacturing by 583.1% in the 4th quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock valued at $2,025,000 after acquiring an additional 12,950 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Modine Manufacturing by 253.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock valued at $68,230,000 after acquiring an additional 219,373 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in shares of Modine Manufacturing by 3,145.2% during the fourth quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock valued at $58,222,000 after acquiring an additional 422,646 shares during the period. WT Asset Management Ltd bought a new stake in Modine Manufacturing during the fourth quarter worth approximately $69,255,000. Finally, Pier Capital LLC bought a new stake in Modine Manufacturing during the fourth quarter worth approximately $7,765,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

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. The firm has a market cap of $12.82 billion, a PE 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 Company has a fifty-two week low of $98.90 and a fifty-two week high of $323.25.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $920.67 million. During the same quarter in the previous year, the company earned $1.12 EPS. The business’s revenue for the quarter was up 47.5% compared to the same quarter last year. As a group, equities analysts predict that Modine Manufacturing Company will post 7.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday. B. Riley Financial boosted their price target on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research 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, Glj Research reaffirmed a “buy” rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $327.14.

Insider Activity

In other news, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares of the company’s stock, valued at $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s 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 directly owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,302 shares of company stock worth $15,928,759 over the last quarter. Corporate insiders own 1.92% of the company’s stock.

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.