Vanguard Group Inc. increased its position in Modine Manufacturing Company (NYSE:MOD) by 5.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,016,073 shares of the auto parts company’s stock after buying an additional 198,405 shares during the quarter. Vanguard Group Inc. owned about 8.01% of Modine Manufacturing worth $66,466,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in MOD. Karp Capital Management Corp acquired a new stake in shares of Modine Manufacturing in the first quarter valued at $164,000. JPMorgan Chase & Co. lifted its holdings in shares of Modine Manufacturing by 37.6% in the first quarter. JPMorgan Chase & Co. now owns 34,472 shares of the auto parts company’s stock valued at $421,000 after buying an additional 9,423 shares during the period. American International Group Inc. lifted its holdings in shares of Modine Manufacturing by 7.0% in the first quarter. American International Group Inc. now owns 28,990 shares of the auto parts company’s stock valued at $354,000 after buying an additional 1,907 shares during the period. Teachers Advisors LLC lifted its holdings in shares of Modine Manufacturing by 7.3% in the first quarter. Teachers Advisors LLC now owns 105,787 shares of the auto parts company’s stock valued at $1,291,000 after buying an additional 7,158 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of Modine Manufacturing by 8.0% in the first quarter. TIAA CREF Investment Management LLC now owns 211,229 shares of the auto parts company’s stock valued at $2,577,000 after buying an additional 15,634 shares during the period. Institutional investors and hedge funds own 81.13% of the company’s stock.
Several analysts have recently weighed in on the company. Zacks Investment Research lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub upgraded Modine Manufacturing from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet raised Modine Manufacturing from a “c” rating to a “b-” rating in a research report on Tuesday, August 1st. Finally, ValuEngine raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $24.00.
In other news, insider Thomas Andrew Burke sold 84,980 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $16.19, for a total value of $1,375,826.20. Following the transaction, the insider now directly owns 454,673 shares in the company, valued at approximately $7,361,155.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.42% of the stock is owned by company insiders.
Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, October 31st. The auto parts company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.14. Modine Manufacturing had a return on equity of 15.48% and a net margin of 2.29%. The business had revenue of $508.30 million for the quarter, compared to analyst estimates of $466.33 million. During the same period last year, the company earned ($0.01) EPS. The firm’s revenue was up 60.0% on a year-over-year basis.
About Modine Manufacturing
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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