Paradigm Capital Management Inc. NY Acquires New Position in Modine Manufacturing Company $MOD

Paradigm Capital Management Inc. NY bought a new position in shares of Modine Manufacturing Company (NYSE:MOD) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,453,598 shares of the auto parts company’s stock, valued at approximately $388,140,000. Modine Manufacturing accounts for 10.6% of Paradigm Capital Management Inc. NY’s investment portfolio, making the stock its 2nd biggest position. Paradigm Capital Management Inc. NY owned about 2.74% of Modine Manufacturing at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Modine Manufacturing during the 2nd quarter valued at approximately $765,540,000. Invesco Ltd. grew its stake in Modine Manufacturing by 120.4% in the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after buying an additional 720,389 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after acquiring an additional 560,131 shares during the period. Janus Henderson Group PLC lifted its position in shares of Modine Manufacturing by 2,249.9% during the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after acquiring an additional 501,229 shares in the last quarter. Finally, Blue Whale Capital LLP purchased a new stake in shares of Modine Manufacturing during the second quarter worth $123,747,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Down 4.7%

Modine Manufacturing stock opened at $188.48 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25. The stock has a market cap of $10.01 billion, a P/E ratio of 70.86, a PEG ratio of 0.65 and a beta of 1.71. The firm’s fifty day moving average price is $230.48 and its 200-day moving average price is $236.23.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.26. The company had revenue of $874.10 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $0.95 earnings per share. Equities research analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider owned 28,364 shares in the company, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric D. Ashleman sold 15,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. The trade was a 26.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MOD has been the subject of several recent research reports. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Glj Research reissued a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a report on Monday, June 1st. UBS Group raised their target price on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. KeyCorp reduced their target price on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $320.14.

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.