Candelo Capital Management LP Acquires New Shares in Modine Manufacturing Company $MOD

Candelo Capital Management LP acquired a new position in shares of Modine Manufacturing Company (NYSE:MOD) in the third quarter, HoldingsChannel.com reports. The firm acquired 39,053 shares of the auto parts company’s stock, valued at approximately $5,552,000. Modine Manufacturing makes up about 4.8% of Candelo Capital Management LP’s portfolio, making the stock its 4th largest position.

Several other large investors have also recently added to or reduced their stakes in MOD. First Horizon Corp bought a new stake in Modine Manufacturing in the third quarter valued at $38,000. Elevation Point Wealth Partners LLC bought a new position in shares of Modine Manufacturing during the second quarter worth about $57,000. Toth Financial Advisory Corp bought a new position in shares of Modine Manufacturing during the third quarter worth about $57,000. AdvisorShares Investments LLC increased its holdings in shares of Modine Manufacturing by 154.0% in the 3rd quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock worth $68,000 after acquiring an additional 288 shares during the period. Finally, Allworth Financial LP increased its holdings in shares of Modine Manufacturing by 522.4% in the 2nd quarter. Allworth Financial LP now owns 722 shares of the auto parts company’s stock worth $71,000 after acquiring an additional 606 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

Shares of MOD opened at $188.79 on Friday. The firm has a market capitalization of $9.95 billion, a PE ratio of 104.88, a P/E/G ratio of 1.15 and a beta of 1.67. The company has a quick ratio of 1.28, a current ratio of 2.19 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $183.57 and a 200 day moving average price of $159.96. Modine Manufacturing Company has a 52-week low of $64.79 and a 52-week high of $243.80.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. The company had revenue of $805.00 million for the quarter, compared to the consensus estimate of $763.54 million. Modine Manufacturing had a net margin of 3.40% and a return on equity of 22.99%. Modine Manufacturing’s revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. On average, sell-side analysts anticipate that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MOD has been the subject of a number of analyst reports. Zacks Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 30th. UBS Group initiated coverage on Modine Manufacturing in a report on Thursday, November 20th. They set a “buy” rating and a $173.00 price target on the stock. Roth Mkm assumed coverage on Modine Manufacturing in a research report on Wednesday, February 18th. They set a “buy” rating and a $263.00 price objective for the company. Oppenheimer increased their price objective on Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Finally, Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Sunday, February 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Modine Manufacturing has a consensus rating of “Buy” and a consensus target price of $223.20.

Insider Activity at Modine Manufacturing

In related news, Director Suresh V. Garimella sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the transaction, the director owned 79,856 shares in the company, valued at $14,699,093.92. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.48% of the stock is owned by corporate insiders.

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.