Summit Partners Public Asset Management LLC Makes New Investment in Modine Manufacturing (NYSE:MOD)

Summit Partners Public Asset Management LLC acquired a new stake in shares of Modine Manufacturing (NYSE:MOD) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 240,692 shares of the auto parts company’s stock, valued at approximately $31,961,000. Modine Manufacturing accounts for 1.0% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 24th largest holding. Summit Partners Public Asset Management LLC owned approximately 0.46% of Modine Manufacturing as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. FMR LLC increased its position in Modine Manufacturing by 14.0% in the 3rd quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after buying an additional 543,419 shares in the last quarter. Principal Financial Group Inc. grew its stake in Modine Manufacturing by 2.4% in the third quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock valued at $153,072,000 after acquiring an additional 26,527 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of Modine Manufacturing by 32.8% during 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 acquiring an additional 272,174 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Modine Manufacturing by 1.2% during 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 period. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Modine Manufacturing by 7.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 411,752 shares of the auto parts company’s stock worth $54,676,000 after purchasing an additional 29,163 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

NYSE MOD opened at $133.37 on Friday. The company has a fifty day moving average price of $129.55 and a 200-day moving average price of $113.15. The firm has a market cap of $7.00 billion, a price-to-earnings 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 current ratio of 1.77 and a quick ratio of 1.09. Modine Manufacturing has a 1 year low of $48.88 and a 1 year 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. The business had revenue of $658.00 million for the quarter, compared to analysts’ expectations of $646.86 million. Modine Manufacturing had a net margin of 6.59% and a return on equity of 23.96%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.89 earnings per share. As a group, equities research analysts predict that Modine Manufacturing will post 3.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Modine Manufacturing 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.