Royal Bank of Canada Has $17.05 Million Holdings in Modine Manufacturing Company $MOD

Royal Bank of Canada lessened its holdings in Modine Manufacturing Company (NYSE:MOD) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,688 shares of the auto parts company’s stock after selling 7,674 shares during the quarter. Royal Bank of Canada’s holdings in Modine Manufacturing were worth $17,053,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Modine Manufacturing by 26.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock worth $2,857,000 after buying an additional 7,831 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Modine Manufacturing by 8.3% in the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock valued at $6,767,000 after acquiring an additional 5,244 shares in the last quarter. State Street Corp increased its position in shares of Modine Manufacturing by 4.2% in the second quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after acquiring an additional 53,351 shares during the last quarter. Qube Research & Technologies Ltd increased its position in shares of Modine Manufacturing by 106.3% in the second quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after acquiring an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in Modine Manufacturing by 70.8% during the second quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock worth $30,501,000 after acquiring an additional 128,348 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insiders Place Their Bets

In related news, insider Eric S. Mcginnis sold 1,020 shares of the company’s stock in a transaction dated 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 directly owned 28,364 shares in the company, valued at approximately $8,369,081.84. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 54,302 shares of company stock worth $15,928,759 in the last 90 days. Company insiders own 1.92% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on MOD shares. Glj Research reissued a “buy” rating and set a $428.00 price target on shares of Modine Manufacturing in a research report on Monday, June 1st. B. Riley Financial reaffirmed a “buy” rating and issued a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. UBS Group raised their target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. DA Davidson reiterated a “buy” rating and set a $330.00 price target on shares of Modine Manufacturing in a report on Monday, June 22nd. Finally, Oppenheimer boosted their price target on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Seven equities research 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.com, Modine Manufacturing presently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Modine Manufacturing Trading Down 0.7%

Shares of NYSE:MOD opened at $193.16 on Friday. Modine Manufacturing Company has a 12-month low of $111.18 and a 12-month high of $323.25. The business has a 50 day moving average of $250.63 and a 200-day moving average of $232.85. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. The stock has a market cap of $10.26 billion, a PE ratio of 72.61, a P/E/G ratio of 0.64 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The company had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The firm’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities research analysts forecast that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

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.