Gabelli Funds LLC Decreases Stake in Modine Manufacturing Company $MOD

Gabelli Funds LLC cut its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 38.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 181,000 shares of the auto parts company’s stock after selling 111,700 shares during the period. Gabelli Funds LLC owned about 0.34% of Modine Manufacturing worth $39,225,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Perigon Wealth Management LLC grew its stake in Modine Manufacturing by 583.1% during the 4th quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock valued at $2,025,000 after purchasing an additional 12,950 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Modine Manufacturing by 253.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 306,005 shares of the auto parts company’s stock valued at $68,230,000 after purchasing an additional 219,373 shares in the last quarter. Van Berkom & Associates Inc. raised its position in shares of Modine Manufacturing by 3,145.2% in the 4th quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock valued at $58,222,000 after purchasing an additional 422,646 shares in the last quarter. WT Asset Management Ltd acquired a new position in shares of Modine Manufacturing in the 4th quarter valued at approximately $69,255,000. Finally, Pier Capital LLC purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at approximately $7,765,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MOD. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings raised shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Glj Research reissued a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. DA Davidson restated a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Finally, UBS Group upped their price target on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $327.14.

Insider Buying and Selling

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the sale, the insider directly owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This trade 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 available at this link. Also, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the sale, the director owned 42,350 shares in the company, valued at $12,219,669. The trade was a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 in the last three months. 1.92% of the stock is owned by insiders.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $241.46 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average of $262.07 and a two-hundred day moving average of $227.62. Modine Manufacturing Company has a 52 week low of $98.90 and a 52 week high of $323.25. The company has a market cap of $12.82 billion, a P/E ratio of 107.80, a PEG ratio of 0.81 and a beta of 1.67.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. The business had revenue of $954.40 million for 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 business’s quarterly revenue was up 47.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 EPS. As a group, analysts anticipate that Modine Manufacturing Company will post 7.72 EPS for the current year.

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.