CI Investments Inc. Purchases Shares of 74,712 Modine Manufacturing Company $MOD

CI Investments Inc. acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD) in the 1st quarter, Holdings Channel.com reports. The firm acquired 74,712 shares of the auto parts company’s stock, valued at approximately $16,191,000.

A number of other institutional investors also recently made changes to their positions in MOD. Perigon Wealth Management LLC increased its position in Modine Manufacturing by 583.1% during the fourth quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock worth $2,025,000 after acquiring an additional 12,950 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Modine Manufacturing by 253.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock valued at $68,230,000 after purchasing an additional 219,373 shares during the period. Van Berkom & Associates Inc. grew its position in shares of Modine Manufacturing by 3,145.2% during the 4th quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock worth $58,222,000 after purchasing an additional 422,646 shares in the last quarter. WT Asset Management Ltd bought a new position in shares of Modine Manufacturing during the fourth quarter worth approximately $69,255,000. Finally, Pier Capital LLC bought a new position in shares of Modine Manufacturing during the fourth quarter worth approximately $7,765,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Modine Manufacturing stock opened at $249.51 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94. Modine Manufacturing Company has a 52 week low of $94.55 and a 52 week high of $323.25. The stock has a market capitalization of $13.25 billion, a P/E ratio of 111.39, a price-to-earnings-growth ratio of 0.80 and a beta of 1.67. The stock has a fifty day moving average of $263.53 and a 200-day moving average of $226.75.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. UBS Group raised their price objective on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Oppenheimer lifted their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. B. Riley Financial upped their target price on Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Modine Manufacturing presently has a consensus rating of “Moderate Buy” and an average target price of $327.14.

Insider Activity at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, the insider directly owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is owned by insiders.

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.