Wellington Management Group LLP Sells 58,752 Shares of Modine Manufacturing Company $MOD

Wellington Management Group LLP trimmed its stake in shares of Modine Manufacturing Company (NYSE:MOD) by 5.8% in the 2nd quarter, Holdings Channel reports. The firm owned 961,169 shares of the auto parts company’s stock after selling 58,752 shares during the period. Wellington Management Group LLP’s holdings in Modine Manufacturing were worth $256,651,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MOD. BlackRock Inc. purchased a new stake in Modine Manufacturing in the second quarter worth approximately $765,540,000. Paradigm Capital Management Inc. NY bought a new stake in Modine Manufacturing in the 2nd quarter worth approximately $388,140,000. Invesco Ltd. raised its stake in Modine Manufacturing by 120.4% during the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after buying an additional 720,389 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock valued at $311,503,000 after buying an additional 560,131 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Modine Manufacturing by 2,249.9% during the 1st quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock valued at $113,459,000 after buying an additional 501,229 shares during the period. Institutional investors own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MOD shares. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Tuesday, August 25th. UBS Group increased their target price on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Oppenheimer raised their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Finally, DA Davidson restated a “buy” rating and set a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Modine Manufacturing currently has an average rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Stock Down 0.1%

MOD opened at $177.47 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.22 and a debt-to-equity ratio of 0.39. Modine Manufacturing Company has a 1-year low of $111.18 and a 1-year high of $323.25. The company has a market capitalization of $9.43 billion, a PE ratio of 66.72, a PEG ratio of 0.58 and a beta of 1.71. The firm’s 50 day simple moving average is $222.05 and its two-hundred day simple moving average is $235.54.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million for the quarter, compared to analysts’ expectations of $878.69 million. During the same quarter last year, the company posted $0.95 EPS. The company’s revenue was up 28.0% compared to the same quarter last year. As a group, equities analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current year.

Insider Buying and Selling

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brian Jon Agen sold 38,282 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the sale, the vice president owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 54,302 shares of company stock valued at $15,928,759. 1.92% of the stock is owned by company insiders.

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.