Paradigm Capital Management Inc. NY Buys New Shares in Modine Manufacturing Company $MOD

Paradigm Capital Management Inc. NY purchased a new stake in shares of Modine Manufacturing Company (NYSE:MOD) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,453,598 shares of the auto parts company’s stock, valued at approximately $388,140,000. Modine Manufacturing makes up 10.6% of Paradigm Capital Management Inc. NY’s investment portfolio, making the stock its 2nd largest position.

Several other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Modine Manufacturing in the 1st quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Modine Manufacturing during the 4th quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in shares of Modine Manufacturing during the 3rd quarter valued at about $39,000. Rakuten Securities Inc. bought a new stake in Modine Manufacturing in the 2nd quarter worth approximately $40,000. Finally, Danske Bank A S bought a new stake in Modine Manufacturing in the 3rd quarter worth approximately $43,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Down 4.7%

Shares of MOD stock opened at $188.48 on Tuesday. The stock has a market capitalization of $10.01 billion, a PE ratio of 70.86, a P/E/G ratio of 0.65 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 business has a 50-day moving average of $230.48 and a 200 day moving average of $236.23. 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 announced its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.26. The business had revenue of $874.10 million for the quarter, compared to analysts’ expectations of $878.69 million. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business’s quarterly revenue was up 28.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. As a group, sell-side analysts anticipate that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MOD. UBS Group upped their target price on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. KeyCorp cut their price objective on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. DA Davidson reaffirmed a “buy” rating and set a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Finally, B. Riley Financial reiterated a “buy” rating and issued a $305.00 target price (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $320.14.

Insider Transactions at Modine Manufacturing

In related news, VP Brian Jon Agen sold 38,282 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. This represents a 36.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the sale, the director owned 42,350 shares of the company’s stock, valued at $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 54,302 shares of company stock worth $15,928,759. Insiders own 1.92% of the company’s stock.

About Modine Manufacturing

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.