Pictet Asset Management Holding SA Cuts Stock Position in Modine Manufacturing Company $MOD

Pictet Asset Management Holding SA trimmed its position in shares of Modine Manufacturing Company (NYSE:MOD) by 11.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 284,431 shares of the auto parts company’s stock after selling 37,446 shares during the period. Pictet Asset Management Holding SA’s holdings in Modine Manufacturing were worth $61,639,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MOD. Kemnay Advisory Services Inc. bought a new position in shares of Modine Manufacturing during the 4th quarter worth approximately $25,000. Spire Wealth Management purchased a new position in Modine Manufacturing in the fourth quarter worth $27,000. Sunbelt Securities Inc. acquired a new position in shares of Modine Manufacturing during the third quarter worth $39,000. Danske Bank A S acquired a new position in shares of Modine Manufacturing during the third quarter worth $43,000. Finally, Root Financial Partners LLC lifted its holdings in shares of Modine Manufacturing by 140.5% during the 4th quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company’s stock valued at $49,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MOD. DA Davidson reissued a “buy” rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 22nd. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. B. Riley Financial raised their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, KeyCorp increased their price objective on shares of Modine Manufacturing from $250.00 to $370.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $327.14.

Modine Manufacturing Price Performance

NYSE MOD opened at $256.46 on Tuesday. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 114.49, a PEG ratio of 0.83 and a beta of 1.65. 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 stock’s fifty day moving average price is $270.70 and its 200 day moving average price is $215.01. Modine Manufacturing Company has a 1 year low of $86.48 and a 1 year high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. The company had revenue of $954.40 million during the quarter, compared to analysts’ expectations of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm’s revenue was up 47.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.12 EPS. As a group, equities research analysts forecast that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

Insider Transactions at Modine Manufacturing

In other news, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction dated 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 transaction, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing 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 sale, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. This trade represents a 26.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 over the last three months. 2.48% of the stock is currently owned by insiders.

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.