Oppenheimer & Co. Inc. Decreases Stake in Modine Manufacturing Company $MOD

Oppenheimer & Co. Inc. lessened its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 22.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,810 shares of the auto parts company’s stock after selling 9,397 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.06% of Modine Manufacturing worth $4,522,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. First Horizon Corp purchased a new stake in shares of Modine Manufacturing during the 3rd quarter worth $38,000. Parkside Financial Bank & Trust lifted its stake 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 during the period. Elevation Point Wealth Partners LLC purchased a new stake in Modine Manufacturing during the second quarter worth about $57,000. Toth Financial Advisory Corp acquired a new position in Modine Manufacturing during the third quarter worth about $57,000. Finally, AdvisorShares Investments LLC increased its holdings in Modine Manufacturing by 154.0% in the third quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock valued at $68,000 after buying an additional 288 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insider Transactions at Modine Manufacturing

In other news, Director Suresh V. Garimella sold 1,100 shares of the business’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 value of $202,477.00. Following the completion of the transaction, the director owned 79,856 shares of the company’s stock, valued at $14,699,093.92. The trade was a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Neil David Brinker sold 31,871 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $160.56, for a total transaction of $5,117,207.76. Following the transaction, the chief executive officer directly owned 238,312 shares in the company, valued at $38,263,374.72. The trade was a 11.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 34,071 shares of company stock valued at $5,484,685. Insiders own 2.48% of the company’s stock.

Modine Manufacturing Stock Performance

Modine Manufacturing stock opened at $219.72 on Thursday. Modine Manufacturing Company has a fifty-two week low of $64.79 and a fifty-two week high of $235.02. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 122.07, a PEG ratio of 1.34 and a beta of 1.71. The stock has a fifty day moving average of $152.26 and a two-hundred day moving average of $147.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.19.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Oppenheimer lifted their price target on shares of Modine Manufacturing from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. DA Davidson lifted their price objective on Modine Manufacturing from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Monday. Zacks Research raised Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. Finally, UBS Group initiated coverage on shares of Modine Manufacturing in a research report on Thursday, November 20th. They issued a “buy” rating and a $173.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $213.25.

Modine Manufacturing Company 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.