Norges Bank Invests $58.31 Million in Modine Manufacturing Company $MOD

Norges Bank purchased a new position in Modine Manufacturing Company (NYSE:MOD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 436,739 shares of the auto parts company’s stock, valued at approximately $58,309,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MOD. Spire Wealth Management bought a new stake in Modine Manufacturing during the fourth quarter worth about $27,000. Sunbelt Securities Inc. bought a new position in Modine Manufacturing in the 3rd quarter valued at about $39,000. Danske Bank A S acquired a new position in shares of Modine Manufacturing in the 3rd quarter valued at approximately $43,000. AdvisorShares Investments LLC raised its position in shares of Modine Manufacturing by 154.0% in the 3rd 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. Finally, Maseco LLP bought a new stake in shares of Modine Manufacturing during the 4th quarter worth approximately $69,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MOD shares. DA Davidson lifted their price objective on shares of Modine Manufacturing from $265.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Oppenheimer upped their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. B. Riley Financial lifted their price target on Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Finally, UBS Group boosted their price target on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $327.14.

Modine Manufacturing Stock Down 0.2%

Shares of NYSE:MOD opened at $275.95 on Monday. The firm has a market cap of $14.58 billion, a P/E ratio of 123.19, a P/E/G ratio of 0.89 and a beta of 1.65. Modine Manufacturing Company has a 12-month low of $86.48 and a 12-month high of $323.25. The business has a fifty day simple moving average of $254.49 and a 200 day simple moving average of $200.92. 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 results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm had revenue of $954.40 million for the quarter, compared to analyst estimates of $920.67 million. During the same quarter in the previous year, the company posted $1.12 EPS. The business’s revenue was up 47.5% on a year-over-year basis. Analysts predict that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

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.