Flputnam Investment Management Co. Acquires Shares of 13,133 Modine Manufacturing Company $MOD

Flputnam Investment Management Co. bought a new position in Modine Manufacturing Company (NYSE:MOD) during the second quarter, HoldingsChannel.com reports. The fund bought 13,133 shares of the auto parts company’s stock, valued at approximately $3,507,000.

Other large investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing in the 1st quarter worth about $25,000. Kemnay Advisory Services Inc. bought a new position in Modine Manufacturing in the 4th quarter worth about $25,000. Sunbelt Securities Inc. purchased a new position in shares of Modine Manufacturing during the third quarter worth approximately $39,000. Rakuten Securities Inc. bought a new stake in shares of Modine Manufacturing during the second quarter valued at approximately $40,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in shares of Modine Manufacturing in the second quarter valued at approximately $42,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MOD has been the topic of several research reports. KeyCorp reduced their price objective on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a report on Tuesday, August 25th. Oppenheimer increased their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Insider Buying and Selling

In other news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the sale, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric D. Ashleman sold 15,000 shares of the company’s 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 completion of the sale, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. The trade was a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 54,302 shares of company stock worth $15,928,759 in the last 90 days. Insiders own 1.92% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $177.47 on Monday. The company has a market capitalization of $9.43 billion, a PE ratio of 66.72, a P/E/G ratio of 0.58 and a beta of 1.71. The company has a 50-day simple moving average of $222.05 and a two-hundred day simple moving average of $235.54. Modine Manufacturing Company has a one year low of $111.18 and a one year high of $323.25. 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 (NYSE:MOD) last issued its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. During the same period in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was up 28.0% on a year-over-year basis. Research analysts expect that Modine Manufacturing Company will post 7.65 EPS for the current fiscal 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.