Nationwide Fund Advisors Has $2.22 Million Position in Modine Manufacturing Company (MOD)
Nationwide Fund Advisors cut its holdings in Modine Manufacturing Company (NYSE:MOD) by 22.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,024 shares of the auto parts company’s stock after selling 38,200 shares during the quarter. Nationwide Fund Advisors owned 0.27% of Modine Manufacturing worth $2,218,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of MOD. Wedge Capital Management L L P NC purchased a new stake in shares of Modine Manufacturing in the second quarter valued at approximately $16,405,000. Dimensional Fund Advisors LP boosted its stake in shares of Modine Manufacturing by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,576,667 shares of the auto parts company’s stock valued at $43,633,000 after buying an additional 394,754 shares in the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Modine Manufacturing in the first quarter valued at approximately $4,420,000. Vanguard Group Inc. boosted its stake in shares of Modine Manufacturing by 8.3% in the first quarter. Vanguard Group Inc. now owns 3,817,668 shares of the auto parts company’s stock valued at $46,576,000 after buying an additional 293,629 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Modine Manufacturing by 30.6% in the second quarter. Royce & Associates LP now owns 1,136,000 shares of the auto parts company’s stock valued at $18,801,000 after buying an additional 266,200 shares in the last quarter. Hedge funds and other institutional investors own 83.37% of the company’s stock.
Modine Manufacturing Company (NYSE MOD) opened at 20.70 on Friday. The company’s 50-day moving average price is $18.27 and its 200 day moving average price is $15.49. Modine Manufacturing Company has a one year low of $9.25 and a one year high of $21.15. The firm has a market capitalization of $1.04 billion, a PE ratio of 45.00 and a beta of 1.23.
Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, August 1st. The auto parts company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.09. The firm had revenue of $515.50 million during 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 firm’s quarterly revenue was up 48.5% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS. On average, analysts forecast that Modine Manufacturing Company will post $1.43 earnings per share for the current year.
In other Modine Manufacturing news, insider Thomas Andrew Burke sold 84,980 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $16.19, for a total transaction of $1,375,826.20. Following the completion of the transaction, the insider now directly owns 454,673 shares of the company’s stock, valued at approximately $7,361,155.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 4.42% of the company’s stock.
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A number of research firms recently weighed in on MOD. Zacks Investment Research upgraded Modine Manufacturing from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research note on Wednesday. BidaskClub downgraded Modine Manufacturing from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. TheStreet raised Modine Manufacturing from a “c” rating to a “b-” rating in a report on Tuesday, August 1st. Finally, ValuEngine raised Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $24.00.
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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