Teachers Retirement System of The State of Kentucky Decreases Stake in Modine Manufacturing Company $MOD

Teachers Retirement System of The State of Kentucky reduced its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 27.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,520 shares of the auto parts company’s stock after selling 5,443 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Modine Manufacturing were worth $3,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Perigon Wealth Management LLC boosted its holdings in shares of Modine Manufacturing by 583.1% during the 4th quarter. Perigon Wealth Management LLC now owns 15,171 shares of the auto parts company’s stock valued at $2,025,000 after acquiring an additional 12,950 shares during the last quarter. Congress Asset Management Co. grew its stake in shares of Modine Manufacturing by 7.8% in the fourth quarter. Congress Asset Management Co. now owns 568,853 shares of the auto parts company’s stock worth $75,948,000 after acquiring an additional 41,373 shares during the period. Van Berkom & Associates Inc. raised its holdings in shares of Modine Manufacturing by 3,145.2% during the fourth quarter. Van Berkom & Associates Inc. now owns 436,084 shares of the auto parts company’s stock valued at $58,222,000 after purchasing an additional 422,646 shares during the last quarter. Penn Capital Management Company LLC purchased a new position in shares of Modine Manufacturing during the third quarter valued at approximately $14,925,000. Finally, WT Asset Management Ltd bought a new position in Modine Manufacturing during the fourth quarter valued at approximately $69,255,000. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Brian Jon Agen sold 38,282 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the transaction, the insider owned 28,364 shares in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 54,302 shares of company stock valued at $15,928,759. 2.48% of the stock is owned by company insiders.

Modine Manufacturing Stock Down 2.3%

Shares of MOD stock opened at $228.87 on Wednesday. Modine Manufacturing Company has a 12 month low of $88.76 and a 12 month high of $323.25. The stock has a market cap of $12.16 billion, a P/E ratio of 102.18, a P/E/G ratio of 0.76 and a beta of 1.67. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $268.49 and a two-hundred day simple moving average of $222.54.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The business had revenue of $954.40 million for the quarter, compared to the consensus estimate of $920.67 million. During the same period last year, the firm earned $1.12 earnings per share. The company’s quarterly revenue was up 47.5% on a year-over-year basis. On average, research analysts expect that Modine Manufacturing Company will post 7.73 earnings per share for the current year.

Analysts Set New Price Targets

MOD has been the topic of several research reports. Zacks Research cut shares of Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Oppenheimer boosted their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. UBS Group increased their price target on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. B. Riley Financial raised their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $327.14.

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.