Franklin Resources Inc. Raises Stake in Modine Manufacturing (NYSE:MOD)

Franklin Resources Inc. increased its stake in shares of Modine Manufacturing (NYSE:MOD) by 33.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 266,731 shares of the auto parts company’s stock after buying an additional 66,484 shares during the period. Franklin Resources Inc. owned about 0.51% of Modine Manufacturing worth $35,550,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its stake in shares of Modine Manufacturing by 90.9% in the third quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company’s stock valued at $137,000 after buying an additional 491 shares during the period. Harbor Capital Advisors Inc. raised its stake in Modine Manufacturing by 58.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 69,839 shares of the auto parts company’s stock valued at $9,274,000 after acquiring an additional 25,648 shares during the period. Fred Alger Management LLC lifted its holdings in Modine Manufacturing by 5.1% during the second quarter. Fred Alger Management LLC now owns 369,840 shares of the auto parts company’s stock valued at $37,054,000 after purchasing an additional 17,889 shares during the last quarter. Victory Capital Management Inc. boosted its position in Modine Manufacturing by 20.1% during the third quarter. Victory Capital Management Inc. now owns 157,200 shares of the auto parts company’s stock worth $20,875,000 after purchasing an additional 26,348 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Modine Manufacturing by 15.8% in the third quarter. Raymond James & Associates now owns 30,812 shares of the auto parts company’s stock worth $4,092,000 after purchasing an additional 4,206 shares in the last quarter. Institutional investors own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

MOD has been the topic of a number of recent research reports. Oppenheimer upped their price target on shares of 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 report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.67.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $117.66 on Thursday. The company has a 50 day moving average of $129.96 and a 200 day moving average of $116.30. 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 stock has a market cap of $6.18 billion, a P/E ratio of 38.58, a P/E/G ratio of 1.01 and a beta of 2.31. Modine Manufacturing has a 12 month low of $56.62 and a 12 month high of $146.84.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results 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 net margin of 6.59% and a return on equity of 23.96%. The firm had revenue of $658.00 million for the quarter, compared to analysts’ expectations of $646.86 million. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, sell-side analysts forecast that Modine Manufacturing will post 3.83 EPS for the current fiscal year.

About Modine Manufacturing

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.