Grandeur Peak Global Advisors LLC Takes $2.38 Million Position in Modine Manufacturing Company $MOD

Grandeur Peak Global Advisors LLC bought a new position in shares of Modine Manufacturing Company (NYSE:MOD) during the 2nd quarter, HoldingsChannel reports. The fund bought 8,906 shares of the auto parts company’s stock, valued at approximately $2,378,000.

Other hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Modine Manufacturing by 26.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock valued at $2,857,000 after purchasing an additional 7,831 shares in the last quarter. California Public Employees Retirement System grew its stake in Modine Manufacturing by 8.3% during the second quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock worth $6,767,000 after buying an additional 5,244 shares in the last quarter. State Street Corp increased its holdings in Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after buying an additional 53,351 shares during the period. Qube Research & Technologies Ltd increased its holdings in Modine Manufacturing by 106.3% in the 2nd quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after buying an additional 83,105 shares during the period. Finally, Sei Investments Co. raised its position in shares of Modine Manufacturing by 70.8% in the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock valued at $30,501,000 after buying an additional 128,348 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. B. Riley Financial reiterated a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Oppenheimer boosted their price target on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Finally, KeyCorp reduced their price objective on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have assigned 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 $320.14.

Insiders Place Their Bets

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 sale, the insider directly owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of Modine Manufacturing stock in a transaction dated 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 sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 in the last 90 days. Corporate insiders own 1.92% of the company’s stock.

Modine Manufacturing Stock Performance

NYSE MOD opened at $187.03 on Friday. The firm’s fifty day moving average price is $224.41 and its two-hundred day moving average price is $235.83. The stock has a market cap of $9.93 billion, a PE ratio of 70.31, a PEG ratio of 0.61 and a beta of 1.71. 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.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company had revenue of $874.10 million during the quarter, compared to analysts’ expectations of $878.69 million. During the same period in the prior year, the company earned $0.95 EPS. Modine Manufacturing’s revenue was up 28.0% compared to the same quarter last year. On average, equities analysts expect that Modine Manufacturing Company will post 7.65 EPS for the current fiscal 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.