Raymond James & Associates Decreases Stock Position in Modine Manufacturing (NYSE:MOD)

Raymond James & Associates decreased its holdings in shares of Modine Manufacturing (NYSE:MOD) by 36.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 24,571 shares of the auto parts company’s stock after selling 14,348 shares during the period. Raymond James & Associates’ holdings in Modine Manufacturing were worth $1,467,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MOD. Legato Capital Management LLC lifted its holdings in shares of Modine Manufacturing by 193.7% in the 4th quarter. Legato Capital Management LLC now owns 24,317 shares of the auto parts company’s stock valued at $1,452,000 after buying an additional 16,037 shares during the period. Register Financial Advisors LLC lifted its holdings in Modine Manufacturing by 11.4% in the fourth quarter. Register Financial Advisors LLC now owns 24,500 shares of the auto parts company’s stock valued at $1,463,000 after acquiring an additional 2,500 shares during the period. Moody National Bank Trust Division boosted its position in Modine Manufacturing by 3.8% in the 4th quarter. Moody National Bank Trust Division now owns 23,890 shares of the auto parts company’s stock worth $1,426,000 after purchasing an additional 877 shares in the last quarter. Riverwater Partners LLC grew its stake in shares of Modine Manufacturing by 59.5% during the 4th quarter. Riverwater Partners LLC now owns 23,481 shares of the auto parts company’s stock worth $1,402,000 after purchasing an additional 8,759 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Modine Manufacturing by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,056,893 shares of the auto parts company’s stock valued at $139,853,000 after purchasing an additional 95,255 shares in the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MOD has been the topic of a number of recent analyst reports. DA Davidson reissued a “buy” rating and set a $90.00 price target on shares of Modine Manufacturing in a report on Tuesday, February 27th. StockNews.com cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Oppenheimer initiated coverage on Modine Manufacturing in a report on Tuesday, March 19th. They issued an “outperform” rating and a $105.00 price target for the company. Finally, B. Riley reissued a “buy” rating and issued a $98.00 price objective (up from $88.00) on shares of Modine Manufacturing in a report on Tuesday, February 27th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.67.

Modine Manufacturing Stock Down 2.3 %

Shares of NYSE MOD opened at $83.71 on Friday. Modine Manufacturing has a 52-week low of $19.41 and a 52-week high of $106.01. The company has a quick ratio of 1.21, a current ratio of 1.93 and a debt-to-equity ratio of 0.43. The company’s 50-day simple moving average is $88.50 and its 200-day simple moving average is $65.95. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 0.69 and a beta of 2.29.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, January 30th. The auto parts company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.17. Modine Manufacturing had a return on equity of 25.28% and a net margin of 9.31%. The company had revenue of $561.40 million for the quarter, compared to analysts’ expectations of $594.84 million. During the same period in the previous year, the firm posted $0.48 EPS. Modine Manufacturing’s revenue was up .2% compared to the same quarter last year. Equities analysts predict that Modine Manufacturing will post 3.27 EPS for the current fiscal year.

Insider Buying and Selling

In other Modine Manufacturing news, VP Brian Jon Agen sold 16,799 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $95.64, for a total value of $1,606,656.36. Following the transaction, the vice president now owns 102,409 shares in the company, valued at approximately $9,794,396.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Brian Jon Agen sold 16,799 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $95.64, for a total transaction of $1,606,656.36. Following the completion of the sale, the vice president now owns 102,409 shares of the company’s stock, valued at approximately $9,794,396.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael B. Lucareli sold 82,312 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $90.33, for a total transaction of $7,435,242.96. Following the completion of the transaction, the chief financial officer now directly owns 194,587 shares in the company, valued at $17,577,043.71. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,336 shares of company stock worth $10,330,115. 2.86% of the stock is owned by corporate insiders.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.