Modine Manufacturing Company (MOD) Stake Raised by Royce & Associates LP
Royce & Associates LP boosted its stake in Modine Manufacturing Company (NYSE:MOD) by 30.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,136,000 shares of the auto parts company’s stock after buying an additional 266,200 shares during the period. Royce & Associates LP owned approximately 2.27% of Modine Manufacturing worth $18,801,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Wedge Capital Management L L P NC purchased a new stake in Modine Manufacturing during the second quarter valued at $16,405,000. Thrivent Financial For Lutherans purchased a new stake in Modine Manufacturing during the first quarter valued at $7,489,000. Opus Capital Group LLC purchased a new stake in Modine Manufacturing during the first quarter valued at $6,444,000. Ionic Capital Management LLC purchased a new stake in Modine Manufacturing during the first quarter valued at $6,214,000. Finally, Tricadia Capital Management LLC purchased a new stake in Modine Manufacturing during the first quarter valued at $4,941,000. Institutional investors own 83.37% of the company’s stock.
Shares of Modine Manufacturing Company (MOD) opened at 15.95 on Wednesday. The firm has a market capitalization of $799.45 million, a PE ratio of 34.67 and a beta of 1.20. The stock’s 50 day moving average is $16.35 and its 200 day moving average is $13.82. Modine Manufacturing Company has a 52-week low of $9.25 and a 52-week high of $17.85.
Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, August 1st. The auto parts company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.30 by $0.09. The firm had revenue of $515.50 million for the quarter, compared to analyst estimates of $482.70 million. Modine Manufacturing had a return on equity of 11.16% and a net margin of 1.35%. The business’s revenue for the quarter was up 48.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. On average, equities research analysts forecast that Modine Manufacturing Company will post $1.41 EPS for the current year.
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Several equities research analysts have recently weighed in on MOD shares. ValuEngine cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Zacks Investment Research upgraded shares of Modine Manufacturing from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Thursday, June 1st. BidaskClub cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, TheStreet upgraded shares of Modine Manufacturing from a “c” rating to a “b-” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Modine Manufacturing presently has a consensus rating of “Hold” and a consensus target price of $17.00.
In other news, VP Scott D. Wollenberg sold 5,736 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $15.95, for a total transaction of $91,489.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.42% of the company’s stock.
Modine Manufacturing Company Profile
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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