Oarsman Capital Inc. cut its position in Modine Manufacturing Company (NYSE:MOD) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,080 shares of the auto parts company’s stock after selling 5,240 shares during the quarter. Modine Manufacturing accounts for 2.1% of Oarsman Capital Inc.’s holdings, making the stock its 5th largest holding. Oarsman Capital Inc. owned approximately 0.54% of Modine Manufacturing worth $4,503,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of Modine Manufacturing by 11.5% in the first quarter. Bank of America Corp DE now owns 9,799 shares of the auto parts company’s stock valued at $120,000 after buying an additional 1,008 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Modine Manufacturing by 118.1% in the second quarter. BNP Paribas Arbitrage SA now owns 9,356 shares of the auto parts company’s stock valued at $155,000 after buying an additional 5,067 shares in the last quarter. BB&T Securities LLC acquired a new stake in shares of Modine Manufacturing in the first quarter valued at $159,000. Karp Capital Management Corp acquired a new stake in shares of Modine Manufacturing in the first quarter valued at $164,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Modine Manufacturing in the first quarter valued at $176,000. 83.37% of the stock is owned by institutional investors and hedge funds.
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In other news, insider Thomas Andrew Burke sold 84,980 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $16.19, for a total transaction of $1,375,826.20. Following the completion of the sale, the insider now directly owns 454,673 shares in the company, valued at approximately $7,361,155.87. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.42% of the company’s stock.
Shares of Modine Manufacturing Company (MOD) traded down 0.151% during midday trading on Monday, hitting $16.525. The stock had a trading volume of 18,642 shares. The stock has a market cap of $828.27 million, a P/E ratio of 35.924 and a beta of 1.20. The stock has a 50-day moving average price of $16.22 and a 200-day moving average price of $14.17. Modine Manufacturing Company has a 12-month low of $9.25 and a 12-month high of $17.85.
Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, August 1st. The auto parts company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.09. The business had revenue of $515.50 million during the quarter, compared to the consensus estimate of $482.70 million. Modine Manufacturing had a return on equity of 11.16% and a net margin of 1.35%. The business’s revenue for the quarter was up 48.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 EPS. Equities analysts forecast that Modine Manufacturing Company will post $1.41 earnings per share for the current year.
A number of equities research analysts have recently weighed in on the company. BidaskClub raised Modine Manufacturing from a “sell” rating to a “hold” rating in a research note on Saturday, August 5th. Zacks Investment Research cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. TheStreet raised Modine Manufacturing from a “c” rating to a “b-” rating in a research note on Tuesday, August 1st. Finally, ValuEngine raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $17.00.
Modine Manufacturing Company Profile
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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