American International Group Inc. Increases Stake in Modine Manufacturing Company (MOD)
American International Group Inc. grew its position in Modine Manufacturing Company (NYSE:MOD) by 8.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 33,144 shares of the auto parts company’s stock after acquiring an additional 2,478 shares during the period. American International Group Inc. owned 0.07% of Modine Manufacturing worth $638,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Frontier Capital Management Co. LLC increased its holdings in Modine Manufacturing by 0.8% in the third quarter. Frontier Capital Management Co. LLC now owns 4,907,861 shares of the auto parts company’s stock valued at $94,476,000 after purchasing an additional 37,958 shares during the period. Vanguard Group Inc. grew its holdings in Modine Manufacturing by 5.2% during the 2nd quarter. Vanguard Group Inc. now owns 4,016,073 shares of the auto parts company’s stock worth $66,466,000 after acquiring an additional 198,405 shares during the period. Dimensional Fund Advisors LP grew its holdings in Modine Manufacturing by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,901,994 shares of the auto parts company’s stock worth $64,578,000 after acquiring an additional 325,327 shares during the period. Victory Capital Management Inc. grew its holdings in Modine Manufacturing by 15.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,662,194 shares of the auto parts company’s stock worth $27,509,000 after acquiring an additional 217,843 shares during the period. Finally, LSV Asset Management grew its holdings in Modine Manufacturing by 1.3% during the 2nd quarter. LSV Asset Management now owns 1,536,696 shares of the auto parts company’s stock worth $25,432,000 after acquiring an additional 19,000 shares during the period. Institutional investors own 82.36% of the company’s stock.
MOD has been the subject of a number of recent analyst reports. ValuEngine downgraded Modine Manufacturing from a “strong-buy” rating to a “buy” rating in a report on Monday, December 4th. Zacks Investment Research downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company’s stock. Modine Manufacturing has a consensus rating of “Hold” and an average target price of $24.00.
Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, October 31st. The auto parts company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.14. Modine Manufacturing had a return on equity of 14.94% and a net margin of 2.29%. The firm had revenue of $508.30 million during the quarter, compared to the consensus estimate of $466.33 million. During the same period last year, the business posted ($0.01) EPS. The business’s revenue was up 60.0% compared to the same quarter last year. sell-side analysts predict that Modine Manufacturing Company will post 1.43 earnings per share for the current year.
In other news, VP Scott D. Wollenberg sold 6,414 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $23.55, for a total transaction of $151,049.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Holger Schwab sold 7,572 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $22.62, for a total transaction of $171,278.64. Following the transaction, the vice president now directly owns 50,159 shares in the company, valued at approximately $1,134,596.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,241 shares of company stock valued at $982,316. Company insiders own 4.42% of the company’s stock.
About Modine Manufacturing
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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