6,124 Shares in Modine Manufacturing Company $MOD Purchased by Cibc World Market Inc.

Cibc World Market Inc. purchased a new stake in Modine Manufacturing Company (NYSE:MOD) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 6,124 shares of the auto parts company’s stock, valued at approximately $1,635,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in shares of Modine Manufacturing by 4.7% in the 4th quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after purchasing an additional 130,511 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Modine Manufacturing during the second quarter worth approximately $765,540,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Modine Manufacturing by 31.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after purchasing an additional 560,131 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Modine Manufacturing by 1.4% during the second quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after purchasing an additional 23,955 shares during the period. Finally, Capital Research Global Investors grew its position in Modine Manufacturing by 13.8% in the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock valued at $197,358,000 after buying an additional 179,617 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Stock Down 0.1%

Modine Manufacturing stock opened at $187.03 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. Modine Manufacturing Company has a 1-year low of $111.18 and a 1-year high of $323.25. The company has a market cap of $9.93 billion, a PE ratio of 70.31, a price-to-earnings-growth ratio of 0.61 and a beta of 1.71. The stock’s 50 day moving average price is $224.41 and its 200 day moving average price is $235.83.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings data on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The firm 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%.Modine Manufacturing’s quarterly revenue was up 28.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. On average, sell-side analysts predict that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were 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 owned 42,350 shares in the company, valued at $12,219,669. This trade represents a 26.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction 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 $19,582,463.31. This trade represents a 36.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 54,302 shares of company stock worth $15,928,759. Corporate insiders own 1.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a research note on Tuesday. Oppenheimer raised their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Wall Street Zen downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. DA Davidson reiterated a “buy” rating and set a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Finally, 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. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $320.14.

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.