Concentric Capital Strategies LP Purchases 57,346 Shares of Modine Manufacturing (NYSE:MOD)

Concentric Capital Strategies LP lifted its position in Modine Manufacturing (NYSE:MOD) by 826.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,286 shares of the auto parts company’s stock after purchasing an additional 57,346 shares during the quarter. Concentric Capital Strategies LP owned 0.12% of Modine Manufacturing worth $8,537,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC boosted its stake in Modine Manufacturing by 14.0% in the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock worth $586,657,000 after buying an additional 543,419 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Modine Manufacturing by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock valued at $153,072,000 after purchasing an additional 26,527 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Modine Manufacturing by 32.8% during the 2nd 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 during the last quarter. Wasatch Advisors LP purchased a new position in Modine Manufacturing in the 3rd quarter worth $91,193,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Modine Manufacturing by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 604,271 shares of the auto parts company’s stock worth $80,241,000 after purchasing an additional 6,871 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Stock Performance

Modine Manufacturing stock opened at $135.79 on Monday. The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 0.41. The firm has a market cap of $7.13 billion, a P/E ratio of 44.52, a P/E/G ratio of 1.04 and a beta of 2.25. Modine Manufacturing has a 1-year low of $48.88 and a 1-year high of $146.84. The firm has a 50-day moving average of $129.70 and a 200-day moving average of $113.48.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.05. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The business had revenue of $658.00 million during the quarter, compared to analysts’ expectations of $646.86 million. During the same quarter last year, the business posted $0.89 EPS. The business’s revenue was up 6.0% on a year-over-year basis. Sell-side analysts expect that Modine Manufacturing will post 3.83 EPS for the current year.

Wall Street Analyst Weigh In

MOD has been the topic of a number of recent research reports. Oppenheimer raised their price objective on Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. DA Davidson raised their price target on Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $146.67.

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.