Fifth Third Bancorp Makes New $7.02 Million Investment in Modine Manufacturing Company $MOD

Fifth Third Bancorp bought a new position in Modine Manufacturing Company (NYSE:MOD) during the first quarter, HoldingsChannel.com reports. The fund bought 32,397 shares of the auto parts company’s stock, valued at approximately $7,021,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MOD. Perigon Wealth Management LLC grew its position in Modine Manufacturing by 583.1% during the 4th quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock valued at $2,025,000 after purchasing an additional 12,950 shares during the last quarter. Congress Asset Management Co. raised its holdings in Modine Manufacturing by 7.8% in the fourth quarter. Congress Asset Management Co. now owns 568,853 shares of the auto parts company’s stock worth $75,948,000 after buying an additional 41,373 shares during the last quarter. Van Berkom & Associates Inc. raised its holdings in Modine Manufacturing by 3,145.2% in the fourth quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock worth $58,222,000 after buying an additional 422,646 shares during the last quarter. WT Asset Management Ltd bought a new position in shares of Modine Manufacturing in the fourth quarter worth approximately $69,255,000. Finally, Pier Capital LLC bought a new position in shares of Modine Manufacturing in the fourth quarter worth approximately $7,765,000. 95.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MOD has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. UBS Group upped their price objective on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. DA Davidson reiterated a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Finally, Oppenheimer lifted their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $327.14.

Modine Manufacturing Stock Performance

Shares of NYSE MOD opened at $225.78 on Friday. The firm’s 50-day moving average price is $266.76 and its 200-day moving average price is $223.82. Modine Manufacturing Company has a 52-week low of $90.41 and a 52-week high of $323.25. The company has a market cap of $11.99 billion, a PE ratio of 100.79, a PEG ratio of 0.75 and a beta of 1.67. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.20. The firm had revenue of $954.40 million during the quarter, compared to analysts’ expectations of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The firm’s quarterly revenue was up 47.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.12 earnings per share. As a group, analysts anticipate that Modine Manufacturing Company will post 7.72 EPS for the current year.

Insiders Place Their Bets

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 2.48% of the company’s stock.

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.