Ranger Investment Management L.P. Invests $15.56 Million in Modine Manufacturing Company $MOD

Ranger Investment Management L.P. purchased a new position in Modine Manufacturing Company (NYSE:MOD) during the first quarter, HoldingsChannel reports. The fund purchased 71,789 shares of the auto parts company’s stock, valued at approximately $15,557,000.

Several other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Modine Manufacturing by 26.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock worth $2,857,000 after purchasing an additional 7,831 shares in the last quarter. California Public Employees Retirement System grew its holdings in Modine Manufacturing by 8.3% in the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock valued at $6,767,000 after purchasing an additional 5,244 shares during the last quarter. State Street Corp increased its position in shares of Modine Manufacturing by 4.2% in the second quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after buying an additional 53,351 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of Modine Manufacturing by 106.3% in the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after buying an additional 83,105 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Modine Manufacturing by 70.8% during the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock worth $30,501,000 after buying an additional 128,348 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the transaction, the insider directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction dated 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 sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MOD. Zacks Research lowered 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 target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. DA Davidson restated a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday. Finally, KeyCorp increased their price target on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company 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 stock. According to data from MarketBeat.com, Modine Manufacturing has a consensus rating of “Moderate Buy” and a consensus target price of $327.14.

Modine Manufacturing Stock Performance

NYSE MOD opened at $208.32 on Wednesday. Modine Manufacturing Company has a fifty-two week low of $107.27 and a fifty-two week high of $323.25. The stock has a market cap of $11.06 billion, a price-to-earnings ratio of 93.00, a price-to-earnings-growth ratio of 0.75 and a beta of 1.67. The business has a fifty day moving average of $261.03 and a 200-day moving average of $229.56. 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 issued its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.20. The business had revenue of $954.40 million for the quarter, compared to the consensus estimate 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 was up 47.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 earnings per share. As a group, analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current fiscal year.

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.