SIR Capital Management L.P. Invests $10.45 Million in Modine Manufacturing Company $MOD

SIR Capital Management L.P. purchased a new stake in shares of Modine Manufacturing Company (NYSE:MOD) during the 2nd quarter, Holdings Channel reports. The fund purchased 39,144 shares of the auto parts company’s stock, valued at approximately $10,452,000. Modine Manufacturing comprises 1.2% of SIR Capital Management L.P.’s investment portfolio, making the stock its 29th biggest position.

Several other hedge funds have also added to or reduced their stakes in MOD. Legal & General Group Plc bought a new position in Modine Manufacturing in the second quarter valued at about $12,033,000. The Manufacturers Life Insurance Company bought a new stake in Modine Manufacturing during the 2nd quarter worth about $4,478,000. Sone Capital Management LLC bought a new stake in Modine Manufacturing during the 2nd quarter worth about $4,887,000. Front Street Capital Management Inc. acquired a new position in Modine Manufacturing during the 2nd quarter valued at about $19,090,000. Finally, Vega Investment Solutions acquired a new position in Modine Manufacturing during the 2nd quarter valued at about $52,000. Institutional investors own 95.23% of the company’s stock.

Insiders Place Their Bets

In other news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director directly 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 document filed with the SEC, which is available through this hyperlink. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the transaction, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 54,302 shares of company stock worth $15,928,759. Company insiders own 1.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MOD shares. Glj Research reiterated a “buy” rating and set a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. KeyCorp reduced their price objective on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Weiss Ratings raised shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Oppenheimer upped their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, May 28th. Finally, UBS Group increased their price target on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $320.14.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $188.48 on Tuesday. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $10.01 billion, a P/E ratio of 70.86, a PEG ratio of 0.65 and a beta of 1.71. The business has a 50-day moving average of $230.48 and a 200-day moving average of $236.23. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. During the same period last year, the company posted $0.95 EPS. Modine Manufacturing’s revenue for the quarter was up 28.0% on a year-over-year basis. On average, equities analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current year.

Modine Manufacturing 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.