Panoramic Capital LLC Invests $3.44 Million in Modine Manufacturing Company $MOD

Panoramic Capital LLC bought a new position in Modine Manufacturing Company (NYSE:MOD) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,866 shares of the auto parts company’s stock, valued at approximately $3,435,000. Modine Manufacturing makes up 1.5% of Panoramic Capital LLC’s portfolio, making the stock its 21st largest holding.

Other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Modine Manufacturing during the 1st quarter valued at about $25,000. Rakuten Securities Inc. purchased a new stake in Modine Manufacturing in the second quarter worth approximately $40,000. Kemnay Advisory Services Inc. purchased a new stake in Modine Manufacturing in the fourth quarter worth approximately $25,000. Vega Investment Solutions bought a new position in Modine Manufacturing during the second quarter valued at approximately $52,000. Finally, Optiver Holding B.V. grew its position in Modine Manufacturing by 19.7% during the first quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock valued at $51,000 after acquiring an additional 39 shares during the last quarter. Institutional investors own 95.23% of the company’s stock.

Insider Buying and Selling

In related news, insider Eric S. Mcginnis sold 1,020 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the sale, the insider directly owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Brian Jon Agen sold 38,282 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total value of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares of the company’s stock, valued at $19,582,463.31. The trade was a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,302 shares of company stock valued at $15,928,759 over the last ninety days. 1.92% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MOD. KeyCorp lowered their price objective on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. B. Riley Financial reissued a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Oppenheimer raised their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Finally, DA Davidson reissued a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $320.14.

Modine Manufacturing Trading Down 0.4%

Shares of MOD opened at $187.25 on Thursday. The stock has a market capitalization of $9.94 billion, a P/E ratio of 70.39, a PEG ratio of 0.61 and a beta of 1.71. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. The firm has a fifty day simple moving average of $226.58 and a two-hundred day simple moving average of $236.03. Modine Manufacturing Company has a twelve month low of $111.18 and a twelve month high of $323.25.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. During the same quarter last year, the firm earned $0.95 EPS. The company’s revenue was up 28.0% on a year-over-year basis. On average, research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current 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.