WT Asset Management Ltd Buys New Position in Modine Manufacturing Company $MOD

WT Asset Management Ltd purchased a new position in shares of Modine Manufacturing Company (NYSE:MOD) during the fourth quarter, Holdings Channel reports. The firm purchased 518,727 shares of the auto parts company’s stock, valued at approximately $69,255,000. Modine Manufacturing makes up about 2.8% of WT Asset Management Ltd’s holdings, making the stock its 14th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MOD. Vanguard Group Inc. boosted its holdings in shares of Modine Manufacturing by 1.9% in the third quarter. Vanguard Group Inc. now owns 5,080,874 shares of the auto parts company’s stock valued at $722,297,000 after acquiring an additional 97,035 shares during the period. Wasatch Advisors LP increased its holdings in shares of Modine Manufacturing by 1.4% in the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock valued at $176,553,000 after acquiring an additional 23,955 shares during the period. State Street Corp increased its holdings in shares of Modine Manufacturing by 4.2% in the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after acquiring an additional 53,351 shares during the period. Capital Research Global Investors purchased a new stake in Modine Manufacturing in the 3rd quarter valued at $184,610,000. Finally, JPMorgan Chase & Co. raised its position in Modine Manufacturing by 14.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,171,497 shares of the auto parts company’s stock valued at $166,540,000 after purchasing an additional 151,543 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Up 0.5%

Shares of Modine Manufacturing stock opened at $251.89 on Friday. Modine Manufacturing Company has a one year low of $77.29 and a one year high of $260.01. The company has a market cap of $13.28 billion, a P/E ratio of 139.94, a PEG ratio of 1.02 and a beta of 1.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.19. The firm has a fifty day moving average of $221.54 and a two-hundred day moving average of $177.01.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $763.54 million. Modine Manufacturing had a net margin of 3.40% and a return on equity of 22.99%. The business’s revenue was up 30.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.92 earnings per share. On average, analysts forecast that Modine Manufacturing Company will post 4.82 earnings per share for the current year.

Insiders Place Their Bets

In other Modine Manufacturing news, Director Suresh V. Garimella sold 1,100 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total transaction of $202,477.00. Following the transaction, the director owned 79,856 shares in the company, valued at approximately $14,699,093.92. The trade was a 1.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.48% of the company’s stock.

Analysts Set New Price Targets

MOD has been the topic of several research reports. Roth Mkm started coverage on shares of Modine Manufacturing in a research report on Wednesday, February 18th. They set a “buy” rating and a $263.00 price objective on the stock. Wall Street Zen lowered Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Sunday, February 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a research report on Monday, December 29th. DA Davidson reaffirmed a “buy” rating and set a $265.00 price objective on shares of Modine Manufacturing in a research note on Tuesday, March 31st. Finally, Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $234.33.

Modine Manufacturing Profile

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.