Skandinaviska Enskilda Banken AB publ Sells 3,400 Shares of Modine Manufacturing Company $MOD

Skandinaviska Enskilda Banken AB publ lowered its stake in Modine Manufacturing Company (NYSE:MOD) by 35.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,287 shares of the auto parts company’s stock after selling 3,400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Modine Manufacturing were worth $894,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MOD. First Horizon Corp bought a new position in Modine Manufacturing during the 3rd quarter worth approximately $38,000. Parkside Financial Bank & Trust boosted its stake in shares of Modine Manufacturing by 2,025.0% during the second quarter. Parkside Financial Bank & Trust now owns 425 shares of the auto parts company’s stock valued at $42,000 after purchasing an additional 405 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Modine Manufacturing in the second quarter worth approximately $57,000. Toth Financial Advisory Corp purchased a new position in shares of Modine Manufacturing in the third quarter worth $57,000. Finally, AdvisorShares Investments LLC increased its stake in shares of Modine Manufacturing by 154.0% in the third quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock worth $68,000 after buying an additional 288 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Stock Performance

Shares of MOD opened at $226.50 on Friday. The company has a 50-day simple moving average of $160.89 and a two-hundred day simple moving average of $152.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.19 and a quick ratio of 1.28. The firm has a market capitalization of $11.94 billion, a PE ratio of 125.84, a price-to-earnings-growth ratio of 1.38 and a beta of 1.71. Modine Manufacturing Company has a one year low of $64.79 and a one year high of $235.02.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The firm had revenue of $805.00 million for the quarter, compared to the consensus estimate of $763.54 million. During the same quarter in the prior year, the business earned $0.92 EPS. The business’s revenue for the quarter was up 30.5% on a year-over-year basis. On average, analysts anticipate that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MOD shares. Zacks Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a report on Friday, January 30th. Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday. Roth Mkm began coverage on Modine Manufacturing in a report on Wednesday. They set a “buy” rating and a $263.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Modine Manufacturing in a report on Monday, December 29th. Finally, Oppenheimer lifted their price objective on Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $223.20.

Insiders Place Their Bets

In other news, Director Suresh V. Garimella sold 1,100 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $184.07, for a total value of $202,477.00. Following the sale, the director directly owned 79,856 shares of the company’s stock, valued at $14,699,093.92. This represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Neil David Brinker sold 31,871 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $160.56, for a total transaction of $5,117,207.76. Following the completion of the transaction, the chief executive officer owned 238,312 shares of the company’s stock, valued at approximately $38,263,374.72. The trade was a 11.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 34,071 shares of company stock worth $5,484,685. Company insiders own 2.48% 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.