HITE Hedge Asset Management LLC Purchases New Stake in Modine Manufacturing Company $MOD

HITE Hedge Asset Management LLC purchased a new stake in Modine Manufacturing Company (NYSE:MOD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 21,086 shares of the auto parts company’s stock, valued at approximately $2,815,000.

Other large investors have also added to or reduced their stakes in the company. Spire Wealth Management acquired a new stake in shares of Modine Manufacturing during the fourth quarter worth $27,000. Sunbelt Securities Inc. acquired a new stake in shares of Modine Manufacturing during the third quarter worth $39,000. Danske Bank A S acquired a new stake in shares of Modine Manufacturing during the third quarter worth $43,000. Root Financial Partners LLC lifted its holdings in shares of Modine Manufacturing by 140.5% during the fourth quarter. Root Financial Partners LLC now owns 368 shares of the auto parts company’s stock worth $49,000 after buying an additional 215 shares in the last quarter. Finally, Maseco LLP acquired a new stake in shares of Modine Manufacturing during the fourth quarter worth $69,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Up 0.6%

Shares of NYSE MOD opened at $273.16 on Friday. Modine Manufacturing Company has a 52 week low of $86.48 and a 52 week high of $323.25. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94. The stock’s fifty day moving average is $260.23 and its 200 day moving average is $205.14. The stock has a market capitalization of $14.43 billion, a P/E ratio of 121.95, a PEG ratio of 0.88 and a beta of 1.65.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. During the same quarter in the previous year, the business posted $1.12 earnings per share. The business’s revenue for the quarter was up 47.5% on a year-over-year basis. Sell-side analysts forecast that Modine Manufacturing Company will post 7.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MOD has been the subject of a number of research reports. Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. KeyCorp lifted their target price on Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Glj Research reissued a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. DA Davidson lifted their target price on Modine Manufacturing from $265.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Finally, Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $327.14.

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.