Capital Research Global Investors Makes New Investment in Modine Manufacturing Company $MOD

Capital Research Global Investors purchased a new stake in Modine Manufacturing Company (NYSE:MOD) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,298,607 shares of the auto parts company’s stock, valued at approximately $184,610,000.

Several other institutional investors and hedge funds have also made changes to their positions in MOD. First Horizon Corp purchased a new position in Modine Manufacturing during the 3rd quarter valued at about $38,000. Parkside Financial Bank & Trust lifted its holdings in shares of Modine Manufacturing by 2,025.0% in the second quarter. Parkside Financial Bank & Trust now owns 425 shares of the auto parts company’s stock valued at $42,000 after purchasing an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Modine Manufacturing in the second quarter valued at about $57,000. Toth Financial Advisory Corp acquired a new stake in shares of Modine Manufacturing in the third quarter valued at approximately $57,000. Finally, AdvisorShares Investments LLC increased its stake in shares of Modine Manufacturing by 154.0% during the 3rd quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock worth $68,000 after purchasing an additional 288 shares in the last quarter. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MOD shares. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday, February 22nd. DA Davidson raised their price target on Modine Manufacturing from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a report on Monday, December 29th. Roth Mkm initiated coverage on Modine Manufacturing in a research note on Wednesday, February 18th. They set a “buy” rating and a $263.00 price objective on the stock. Finally, Oppenheimer lifted their price objective on Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Modine Manufacturing currently has a consensus rating of “Buy” and an average target price of $223.20.

Modine Manufacturing Stock Performance

NYSE MOD opened at $200.66 on Thursday. The business’s 50-day moving average price is $181.44 and its 200 day moving average price is $159.26. The company has a current ratio of 2.19, a quick ratio of 1.28 and a debt-to-equity ratio of 0.51. Modine Manufacturing Company has a twelve month low of $64.79 and a twelve month high of $243.80. The company has a market capitalization of $10.58 billion, a PE ratio of 111.48, a price-to-earnings-growth ratio of 1.23 and a beta of 1.67.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. The company had revenue of $805.00 million during the quarter, compared to the consensus estimate of $763.54 million. Modine Manufacturing had a net margin of 3.40% and a return on equity of 22.99%. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 EPS. On average, research analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Suresh V. Garimella sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the completion of the transaction, the director owned 79,856 shares of the company’s stock, valued at approximately $14,699,093.92. This represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.48% of the company’s stock.

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.