VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 6,800 Modine Manufacturing Company $MOD

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD) in the second quarter, Holdings Channel.com reports. The fund acquired 6,800 shares of the auto parts company’s stock, valued at approximately $1,816,000.

A number of other hedge funds have also modified their holdings of MOD. Optiver Holding B.V. lifted its holdings in shares of Modine Manufacturing by 19.7% during the first quarter. Optiver Holding B.V. now owns 237 shares of the auto parts company’s stock valued at $51,000 after purchasing an additional 39 shares during the last quarter. World Investment Advisors increased its stake in Modine Manufacturing by 4.1% in the 1st quarter. World Investment Advisors now owns 1,643 shares of the auto parts company’s stock worth $356,000 after purchasing an additional 65 shares in the last quarter. Xponance LLC increased its stake in Modine Manufacturing by 1.7% in the 4th quarter. Xponance LLC now owns 4,424 shares of the auto parts company’s stock worth $591,000 after purchasing an additional 75 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Modine Manufacturing by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,780 shares of the auto parts company’s stock worth $386,000 after buying an additional 103 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in Modine Manufacturing by 18.3% during the 4th quarter. NewEdge Advisors LLC now owns 680 shares of the auto parts company’s stock worth $91,000 after buying an additional 105 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Modine Manufacturing

In other news, VP Brian 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 value of $11,299,697.94. Following the transaction, the vice president directly owned 66,343 shares of the company’s stock, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total value of $4,328,100.00. Following the sale, the director owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This represents a 26.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,302 shares of company stock valued at $15,928,759 in the last quarter. Company insiders own 1.92% of the company’s stock.

Modine Manufacturing Price Performance

NYSE MOD opened at $188.87 on Friday. The company has a 50 day simple moving average of $206.93 and a 200-day simple moving average of $233.14. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 71.00, a price-to-earnings-growth ratio of 0.59 and a beta of 1.74. Modine Manufacturing Company has a 52-week low of $111.18 and a 52-week high of $323.25.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million during the quarter, compared to analysts’ expectations of $878.69 million. During the same period last year, the company posted $0.95 earnings per share. The firm’s quarterly revenue was up 28.0% compared to the same quarter last year. Equities research analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

MOD has been the subject of several recent analyst reports. Glj Research reiterated a “buy” rating and issued a $428.00 target price on shares of Modine Manufacturing in a report on Monday, June 1st. KeyCorp restated an “overweight” rating and set a $280.00 price target on shares of Modine Manufacturing in a report on Wednesday, September 2nd. B. Riley Financial restated a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. Oppenheimer lifted their price objective on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Finally, UBS Group boosted their target price on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $320.14.

Modine Manufacturing Company Profile

Modine Manufacturing Company (NYSE:MOD) is a diversified thermal-management company that develops and manufactures products and systems for commercial, industrial, transportation, and building applications. Its solutions are designed to transfer and control heat, improve energy efficiency, and support the operation of engines, vehicles, data centers, and other equipment.

The company operates through businesses focused on climate solutions and performance technologies. Its products and services include heat exchangers, cooling modules, radiators, charge-air coolers, heating and air-conditioning systems, refrigeration and data-center cooling equipment, and thermal-management solutions for electric vehicles and other specialized applications.

Founded in 1916, Modine serves customers in markets worldwide through manufacturing, engineering, and sales operations across North America, Europe, and Asia.