TimesSquare Capital Management LLC Purchases New Holdings in Modine Manufacturing Company $MOD

TimesSquare Capital Management LLC purchased a new position in shares of Modine Manufacturing Company (NYSE:MOD) during the second quarter, Holdings Channel reports. The firm purchased 61,033 shares of the auto parts company’s stock, valued at approximately $16,297,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MOD. Wellington Management Group LLP increased its holdings in Modine Manufacturing by 4.7% in the 4th quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after buying an additional 130,511 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Modine Manufacturing by 31.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after acquiring an additional 560,131 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Modine Manufacturing by 1.4% during the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after acquiring an additional 23,955 shares during the period. Capital Research Global Investors boosted its position in shares of Modine Manufacturing by 13.8% during the 4th quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock worth $197,358,000 after acquiring an additional 179,617 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Modine Manufacturing by 120.4% during the 4th quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock worth $176,037,000 after acquiring an additional 720,389 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MOD. Weiss Ratings upgraded shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. UBS Group lifted their price target on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Oppenheimer upped their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Finally, Glj Research reaffirmed a “buy” rating and issued a $428.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Modine Manufacturing has an average rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Price Performance

MOD stock opened at $217.56 on Tuesday. The company has a 50 day simple moving average of $238.43 and a 200 day simple moving average of $235.75. The stock has a market cap of $11.55 billion, a price-to-earnings ratio of 81.79, a P/E/G ratio of 0.68 and a beta of 1.71. Modine Manufacturing Company has a 1 year low of $111.18 and a 1 year high of $323.25. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. The firm had revenue of $874.10 million for the quarter, compared to analyst estimates of $878.69 million. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The company’s quarterly revenue was up 28.0% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. Research analysts anticipate that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Insider Activity

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the completion of the transaction, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the sale, the director directly owned 42,350 shares in the company, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 54,302 shares of company stock worth $15,928,759. Insiders own 1.92% of the company’s stock.

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.