WT Asset Management Ltd Invests $78.41 Million in Modine Manufacturing Company $MOD

WT Asset Management Ltd bought a new stake in Modine Manufacturing Company (NYSE:MOD) in the 2nd quarter, Holdings Channel.com reports. The firm bought 293,655 shares of the auto parts company’s stock, valued at approximately $78,412,000. Modine Manufacturing accounts for about 1.6% of WT Asset Management Ltd’s portfolio, making the stock its 17th largest position.

A number of other hedge funds also recently made changes to their positions in MOD. V Square Quantitative Management LLC acquired a new position in shares of Modine Manufacturing during the 1st quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Modine Manufacturing in the fourth quarter valued at about $25,000. Optiver Holding B.V. lifted its stake in shares of Modine Manufacturing by 19.7% during the 1st quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock worth $51,000 after buying an additional 39 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Modine Manufacturing during the 2nd quarter worth about $72,000. Finally, Sunbelt Securities Inc. acquired a new position in Modine Manufacturing in the 3rd quarter valued at about $39,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock opened at $217.56 on Tuesday. 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 capitalization of $11.55 billion, a price-to-earnings ratio of 81.79, a price-to-earnings-growth ratio of 0.68 and a beta of 1.71. Modine Manufacturing Company has a twelve month low of $111.18 and a twelve month high of $323.25. The company has a 50-day simple moving average of $238.43 and a two-hundred day simple moving average of $235.75.

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

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the transaction, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. The trade was a 26.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the company’s 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 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. Company insiders own 1.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MOD. Wall Street Zen cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. KeyCorp decreased their target price on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Glj Research reissued a “buy” rating and set a $428.00 price target on shares of Modine Manufacturing in a report on Monday, June 1st. Finally, B. Riley Financial restated a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

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.