Illinois Municipal Retirement Fund Trims Stock Holdings in Modine Manufacturing Company $MOD

Illinois Municipal Retirement Fund reduced its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 55.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,266 shares of the auto parts company’s stock after selling 4,096 shares during the period. Illinois Municipal Retirement Fund’s holdings in Modine Manufacturing were worth $708,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MOD. Emerald Mutual Fund Advisers Trust grew its position in Modine Manufacturing by 0.3% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 236,071 shares of the auto parts company’s stock valued at $51,159,000 after acquiring an additional 646 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Modine Manufacturing in the first quarter worth $207,000. Y.D. More Investments Ltd bought a new stake in shares of Modine Manufacturing during the first quarter worth $394,000. Diversify Wealth Management LLC bought a new stake in shares of Modine Manufacturing during the first quarter worth $247,000. Finally, Fifth Third Bancorp purchased a new stake in shares of Modine Manufacturing during the first quarter valued at $7,021,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Shares of MOD stock opened at $250.01 on Friday. The company has a market capitalization of $13.28 billion, a PE ratio of 111.61, a price-to-earnings-growth ratio of 0.81 and a beta of 1.67. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.94 and a quick ratio of 1.25. The firm’s 50-day moving average is $262.68 and its two-hundred day moving average is $227.52. Modine Manufacturing Company has a 12 month low of $96.45 and a 12 month high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million during the quarter, compared to analyst estimates of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm’s revenue for the quarter was up 47.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.12 earnings per share. Analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current year.

Insider Buying and Selling

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction dated 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 in the company, valued at $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the transaction, the director owned 42,350 shares of the company’s stock, valued at $12,219,669. This trade represents a 26.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 54,302 shares of company stock valued at $15,928,759. Company insiders own 1.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MOD shares. Oppenheimer upped their price target on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. DA Davidson reiterated a “buy” rating and set a $330.00 price objective on shares of Modine Manufacturing in a report on Monday, June 22nd. Wall Street Zen raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. UBS Group upped their target price on shares of Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Finally, KeyCorp raised their target price on shares of Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $327.14.

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.