Principal Financial Group Inc. Sells 171,389 Shares of Modine Manufacturing Company $MOD

Principal Financial Group Inc. decreased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 22.4% during the 1st quarter, Holdings Channel reports. The firm owned 592,292 shares of the auto parts company’s stock after selling 171,389 shares during the quarter. Principal Financial Group Inc.’s holdings in Modine Manufacturing were worth $128,356,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MOD. Perigon Wealth Management LLC grew its position in shares of Modine Manufacturing by 583.1% during the 4th quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock worth $2,025,000 after buying an additional 12,950 shares during the period. Congress Asset Management Co. lifted its position in shares of Modine Manufacturing by 7.8% during the 4th quarter. Congress Asset Management Co. now owns 568,853 shares of the auto parts company’s stock valued at $75,948,000 after acquiring an additional 41,373 shares during the period. Van Berkom & Associates Inc. boosted its stake in Modine Manufacturing by 3,145.2% during the fourth quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock worth $58,222,000 after acquiring an additional 422,646 shares in the last quarter. Penn Capital Management Company LLC bought a new position in Modine Manufacturing during the third quarter worth $14,925,000. Finally, WT Asset Management Ltd acquired a new stake in Modine Manufacturing in the fourth quarter worth $69,255,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insider Activity

In related news, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares in the company, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction 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 completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,302 shares of company stock worth $15,928,759 over the last 90 days. 2.48% of the stock is currently owned by corporate insiders.

Modine Manufacturing Trading Up 1.1%

MOD opened at $232.19 on Thursday. Modine Manufacturing Company has a fifty-two week low of $88.76 and a fifty-two week high of $323.25. The firm has a market capitalization of $12.33 billion, a PE ratio of 103.66, a P/E/G ratio of 0.74 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 company’s 50-day moving average is $267.64 and its 200 day moving average is $223.20.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.20. The business had revenue of $954.40 million during 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 company’s quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.12 EPS. As a group, research analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Wall Street Zen upgraded Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Glj Research reaffirmed a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. B. Riley Financial upped their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, KeyCorp increased their price target on Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.