Allspring Global Investments Holdings LLC Raises Stake in Modine Manufacturing (NYSE:MOD)

Allspring Global Investments Holdings LLC boosted its holdings in shares of Modine Manufacturing (NYSE:MOD) by 29.4% in the third quarter, HoldingsChannel reports. The fund owned 180,259 shares of the auto parts company’s stock after acquiring an additional 40,936 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Modine Manufacturing were worth $23,937,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MOD. Acadian Asset Management LLC purchased a new position in Modine Manufacturing during the 1st quarter valued at about $37,000. Opal Wealth Advisors LLC purchased a new position in Modine Manufacturing in the second quarter worth about $51,000. West Oak Capital LLC raised its holdings in Modine Manufacturing by 300.0% in the second quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock worth $60,000 after buying an additional 450 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of Modine Manufacturing in the second quarter worth approximately $64,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Modine Manufacturing in the second quarter worth approximately $68,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $109.74, for a total value of $3,775,056.00. Following the completion of the transaction, the director now directly owns 144,038 shares in the company, valued at $15,806,730.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by company insiders.

Modine Manufacturing Stock Performance

Shares of NYSE MOD opened at $128.26 on Thursday. The firm has a 50 day moving average of $121.24 and a 200 day moving average of $107.15. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 42.33, a price-to-earnings-growth ratio of 1.02 and a beta of 2.22. Modine Manufacturing has a 12-month low of $38.50 and a 12-month high of $141.72.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.18. The company had revenue of $661.50 million during the quarter, compared to analyst estimates of $633.55 million. Modine Manufacturing had a net margin of 6.70% and a return on equity of 24.92%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.85 earnings per share. On average, research analysts anticipate that Modine Manufacturing will post 3.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

MOD has been the subject of a number of research analyst reports. B. Riley lifted their price target on shares of Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. DA Davidson lifted their price target on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. William Blair initiated coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating for the company. Finally, Oppenheimer lifted their price target on shares of Modine Manufacturing from $135.00 to $144.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.33.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.