Teachers Retirement System of The State of Kentucky Lowers Stake in Modine Manufacturing Company $MOD

Teachers Retirement System of The State of Kentucky reduced its position in Modine Manufacturing Company (NYSE:MOD) by 27.3% in the first quarter, HoldingsChannel.com reports. The firm owned 14,520 shares of the auto parts company’s stock after selling 5,443 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Modine Manufacturing were worth $3,147,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Modine Manufacturing during the 1st quarter valued at $25,000. Kemnay Advisory Services Inc. bought a new position in Modine Manufacturing in the 4th quarter worth $25,000. Spire Wealth Management bought a new position in Modine Manufacturing in the 4th quarter worth $27,000. Sunbelt Securities Inc. purchased a new stake in Modine Manufacturing in the 3rd quarter worth $39,000. Finally, Danske Bank A S purchased a new stake in Modine Manufacturing in the 3rd quarter worth $43,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Modine Manufacturing

In related news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 54,302 shares of company stock valued at $15,928,759. Insiders own 2.48% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of NYSE MOD opened at $228.87 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94. The company has a market cap of $12.16 billion, a P/E ratio of 102.18, a P/E/G ratio of 0.76 and a beta of 1.67. The firm’s fifty day moving average is $268.49 and its two-hundred day moving average is $222.54. Modine Manufacturing Company has a 52-week low of $88.76 and a 52-week high of $323.25.

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

Analyst Ratings Changes

A number of research firms have commented on MOD. Zacks Research cut Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. DA Davidson reiterated a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. B. Riley Financial increased their target price on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Oppenheimer lifted their target price on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Finally, Glj Research reissued a “buy” rating and issued a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Modine Manufacturing currently has a consensus rating of “Moderate Buy” and a consensus target price of $327.14.

About Modine Manufacturing

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.