Capital International Investors Raises Stock Position in Modine Manufacturing (NYSE:MOD)

Capital International Investors grew its stake in Modine Manufacturing (NYSE:MOD) by 40.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,425,845 shares of the auto parts company’s stock after purchasing an additional 411,946 shares during the period. Capital International Investors’ holdings in Modine Manufacturing were worth $135,726,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in Modine Manufacturing in the 4th quarter valued at $29,000. Strid Group LLC purchased a new stake in shares of Modine Manufacturing in the first quarter valued at about $33,000. Acadian Asset Management LLC acquired a new stake in shares of Modine Manufacturing during the first quarter worth about $37,000. Nisa Investment Advisors LLC grew its holdings in shares of Modine Manufacturing by 51.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,172 shares of the auto parts company’s stock worth $70,000 after buying an additional 400 shares during the last quarter. Finally, Spire Wealth Management purchased a new stake in Modine Manufacturing during the 1st quarter valued at approximately $79,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock traded up $4.65 during trading on Friday, reaching $104.15. The company’s stock had a trading volume of 682,178 shares, compared to its average volume of 849,313. The business has a 50 day moving average price of $101.15 and a 200-day moving average price of $90.69. The company has a market capitalization of $5.46 billion, a P/E ratio of 34.38, a price-to-earnings-growth ratio of 0.79 and a beta of 2.27. The company has a quick ratio of 0.98, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Modine Manufacturing has a 12-month low of $35.12 and a 12-month high of $120.11.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, May 21st. The auto parts company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.02). The company had revenue of $603.50 million for the quarter, compared to analysts’ expectations of $605.44 million. Modine Manufacturing had a return on equity of 24.69% and a net margin of 6.71%. Modine Manufacturing’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 earnings per share. As a group, sell-side analysts anticipate that Modine Manufacturing will post 3.7 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on MOD. Oppenheimer lifted their target price on Modine Manufacturing from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. DA Davidson upped their price objective on shares of Modine Manufacturing from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 24th. Finally, B. Riley reiterated a “buy” rating and set a $125.00 price target on shares of Modine Manufacturing in a research note on Thursday, June 27th.

About Modine Manufacturing

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.