Strs Ohio Grows Holdings in Modine Manufacturing Co. (MOD)
Strs Ohio raised its stake in Modine Manufacturing Co. (NYSE:MOD) by 21.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 49,200 shares of the auto parts company’s stock after purchasing an additional 8,600 shares during the quarter. Strs Ohio’s holdings in Modine Manufacturing were worth $897,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in MOD. SG Americas Securities LLC acquired a new position in Modine Manufacturing in the 1st quarter valued at approximately $136,000. First Mercantile Trust Co. increased its stake in shares of Modine Manufacturing by 91.4% during the 1st quarter. First Mercantile Trust Co. now owns 9,893 shares of the auto parts company’s stock worth $209,000 after purchasing an additional 4,723 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of Modine Manufacturing during the 2nd quarter worth $215,000. Jane Street Group LLC acquired a new position in shares of Modine Manufacturing during the 1st quarter worth $235,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Modine Manufacturing during the 1st quarter worth $434,000. Hedge funds and other institutional investors own 91.91% of the company’s stock.
In other news, Director Suresh V. Garimella sold 14,181 shares of the stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $17.65, for a total transaction of $250,294.65. Following the transaction, the director now owns 40,135 shares in the company, valued at approximately $708,382.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.48% of the company’s stock.
Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, August 1st. The auto parts company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Modine Manufacturing had a net margin of 1.26% and a return on equity of 17.01%. The company had revenue of $566.10 million for the quarter, compared to analyst estimates of $552.12 million. During the same quarter in the prior year, the business posted $0.39 EPS. Modine Manufacturing’s quarterly revenue was up 9.8% on a year-over-year basis. equities research analysts forecast that Modine Manufacturing Co. will post 1.59 earnings per share for the current fiscal year.
MOD has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. ValuEngine lowered shares of Modine Manufacturing from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd.
About Modine Manufacturing
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.
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