Castleark Management LLC Makes New Investment in Modine Manufacturing Company $MOD

Castleark Management LLC acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 27,970 shares of the auto parts company’s stock, valued at approximately $7,469,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Modine Manufacturing during the second quarter worth about $765,540,000. Paradigm Capital Management Inc. NY bought a new position in shares of Modine Manufacturing in the second quarter worth approximately $388,140,000. Invesco Ltd. raised its stake in shares of Modine Manufacturing by 120.4% during the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after acquiring an additional 720,389 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after purchasing an additional 560,131 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Modine Manufacturing by 2,249.9% in the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after acquiring an additional 501,229 shares during the period. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Stock Down 0.0%

Shares of Modine Manufacturing stock opened at $188.29 on Wednesday. The company has a market cap of $10.00 billion, a price-to-earnings ratio of 70.78, a price-to-earnings-growth ratio of 0.62 and a beta of 1.71. Modine Manufacturing Company has a twelve month low of $111.18 and a twelve month high of $323.25. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. The company’s 50 day moving average is $228.54 and its 200 day moving average is $236.15.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.Modine Manufacturing’s revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. Research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on MOD. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. UBS Group lifted their target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Glj Research reiterated a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. Finally, Oppenheimer increased their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Modine Manufacturing has a consensus rating of “Moderate Buy” and an average price target of $320.14.

Insider Activity

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the transaction, the vice president owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The sale 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 business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, the insider owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 54,302 shares of company stock valued at $15,928,759 in the last quarter. 1.92% of the stock is currently owned by insiders.

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.