Formula Growth Ltd. Purchases Shares of 13,540 Modine Manufacturing Company $MOD

Formula Growth Ltd. acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 13,540 shares of the auto parts company’s stock, valued at approximately $3,615,000. Modine Manufacturing comprises about 1.3% of Formula Growth Ltd.’s holdings, making the stock its 18th largest position.

Other large investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new stake in Modine Manufacturing during the fourth quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter worth about $25,000. Sunbelt Securities Inc. acquired a new position in shares of Modine Manufacturing in the 3rd quarter valued at about $39,000. Rakuten Securities Inc. acquired a new position in shares of Modine Manufacturing in the 2nd quarter valued at about $40,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in shares of Modine Manufacturing during the 2nd quarter worth about $42,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing 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 in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,302 shares of company stock valued at $15,928,759 over the last 90 days. 1.92% of the stock is owned by corporate insiders.

Modine Manufacturing Price Performance

MOD stock opened at $187.03 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25. The firm has a market cap of $9.93 billion, a P/E ratio of 70.31, a price-to-earnings-growth ratio of 0.61 and a beta of 1.71. The stock has a 50-day simple moving average of $224.41 and a 200-day simple moving average of $235.83.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results 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 firm had revenue of $874.10 million for 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 for the quarter was up 28.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 EPS. On average, equities analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. DA Davidson reissued a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. B. Riley Financial reaffirmed a “buy” rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. UBS Group boosted their price objective on shares of Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Glj Research reissued a “buy” rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $320.14.

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.