Principal Financial Group Inc. Acquires 6,847 Shares of Modine Manufacturing Company $MOD

Principal Financial Group Inc. increased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 0.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 749,845 shares of the auto parts company’s stock after acquiring an additional 6,847 shares during the quarter. Principal Financial Group Inc.’s holdings in Modine Manufacturing were worth $106,598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. First Horizon Corp purchased a new stake in shares of Modine Manufacturing during the 3rd quarter valued at $38,000. Parkside Financial Bank & Trust boosted its holdings in shares of Modine Manufacturing by 2,025.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 425 shares of the auto parts company’s stock worth $42,000 after buying an additional 405 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Modine Manufacturing during the second quarter valued at about $57,000. Toth Financial Advisory Corp purchased a new stake in Modine Manufacturing during the third quarter worth about $57,000. Finally, Allworth Financial LP raised its position in Modine Manufacturing by 522.4% in the second 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. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 6.1%

Shares of MOD stock opened at $195.99 on Tuesday. The stock has a market capitalization of $10.32 billion, a price-to-earnings ratio of 56.65, a PEG ratio of 1.17 and a beta of 1.70. The company’s fifty day simple moving average is $144.99 and its two-hundred day simple moving average is $142.43. Modine Manufacturing Company has a 1 year low of $64.79 and a 1 year high of $199.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.00 and a quick ratio of 1.16.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. DA Davidson reissued a “buy” rating and set a $200.00 target price on shares of Modine Manufacturing in a research report on Thursday, January 29th. UBS Group began coverage on Modine Manufacturing in a research note on Thursday, November 20th. They issued a “buy” rating and a $173.00 price objective on the stock. KeyCorp raised their target price on Modine Manufacturing from $160.00 to $175.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Oppenheimer upped their price target on Modine Manufacturing from $185.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Modine Manufacturing currently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Suresh V. Garimella sold 1,100 shares of Modine Manufacturing stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $150.00, for a total transaction of $165,000.00. Following the completion of the transaction, the director owned 80,956 shares of the company’s stock, valued at $12,143,400. The trade was a 1.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Neil David Brinker sold 31,871 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $160.56, for a total transaction of $5,117,207.76. Following the completion of the sale, the chief executive officer directly owned 238,312 shares in the company, valued at approximately $38,263,374.72. The trade was a 11.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.48% of the company’s stock.

Modine Manufacturing Company 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.