VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Modine Manufacturing Company $MOD

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Modine Manufacturing Company (NYSE:MOD) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,800 shares of the auto parts company’s stock, valued at approximately $1,816,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MOD. V Square Quantitative Management LLC acquired a new position in Modine Manufacturing during the 1st quarter valued at approximately $25,000. Kemnay Advisory Services Inc. acquired a new stake in Modine Manufacturing in the fourth quarter worth $25,000. Sunbelt Securities Inc. acquired a new stake in Modine Manufacturing in the third quarter worth $39,000. Rakuten Securities Inc. bought a new stake in Modine Manufacturing in the second quarter valued at $40,000. Finally, PenderFund Capital Management Ltd. bought a new stake in Modine Manufacturing in the second quarter valued at $42,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MOD has been the subject of several recent research reports. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. Oppenheimer boosted their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. B. Riley Financial restated a “buy” rating and issued a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Finally, DA Davidson restated a “buy” rating and issued a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $320.14.

Modine Manufacturing Trading Up 5.4%

Modine Manufacturing stock opened at $188.87 on Friday. Modine Manufacturing Company has a 12-month low of $111.18 and a 12-month high of $323.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The stock has a market capitalization of $10.03 billion, a PE ratio of 71.00, a price-to-earnings-growth ratio of 0.59 and a beta of 1.74. The firm has a 50 day simple moving average of $206.93 and a 200-day simple moving average of $233.14.

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

Insider Transactions at Modine Manufacturing

In other news, VP Brian Agen sold 38,282 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was 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 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 sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric McGinnis sold 1,020 shares of the firm’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 of the company’s stock, valued at $8,369,081.84. This represents a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 54,302 shares of company stock valued at $15,928,759. Corporate insiders own 1.92% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.