Fred Alger Management LLC Sells 20,278 Shares of Modine Manufacturing (NYSE:MOD)

Fred Alger Management LLC trimmed its position in Modine Manufacturing (NYSE:MOD) by 5.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 349,562 shares of the auto parts company’s stock after selling 20,278 shares during the period. Fred Alger Management LLC owned approximately 0.67% of Modine Manufacturing worth $46,418,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MOD. FMR LLC lifted its holdings in shares of Modine Manufacturing by 14.0% in the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after purchasing an additional 543,419 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Modine Manufacturing by 32.8% in the second quarter. Driehaus Capital Management LLC now owns 1,101,932 shares of the auto parts company’s stock valued at $110,403,000 after purchasing an additional 272,174 shares in the last quarter. Emerald Advisers LLC bought a new stake in shares of Modine Manufacturing in the second quarter valued at about $26,064,000. Public Employees Retirement Association of Colorado lifted its holdings in shares of Modine Manufacturing by 4,215.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 260,547 shares of the auto parts company’s stock valued at $26,104,000 after purchasing an additional 254,510 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC bought a new stake in shares of Modine Manufacturing in the third quarter valued at about $31,961,000. 95.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MOD has been the topic of a number of research reports. Oppenheimer boosted their price target on Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. B. Riley upped their target price on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, DA Davidson upped their target price on Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $146.67.

Modine Manufacturing Stock Performance

MOD opened at $133.37 on Friday. Modine Manufacturing has a 52-week low of $48.88 and a 52-week high of $146.84. The firm has a market capitalization of $7.00 billion, a PE ratio of 43.73, a PEG ratio of 1.02 and a beta of 2.25. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.09 and a current ratio of 1.77. The business’s 50-day simple moving average is $129.55 and its 200 day simple moving average is $113.15.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The firm had revenue of $658.00 million for the quarter, compared to the consensus estimate of $646.86 million. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 earnings per share. As a group, sell-side analysts expect that Modine Manufacturing will post 3.83 earnings per share for the current fiscal year.

Modine Manufacturing Company Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.