JPMorgan Chase & Co. Buys 151,543 Shares of Modine Manufacturing Company $MOD

JPMorgan Chase & Co. raised its stake in shares of Modine Manufacturing Company (NYSE:MOD) by 14.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,171,497 shares of the auto parts company’s stock after purchasing an additional 151,543 shares during the period. JPMorgan Chase & Co. owned 2.23% of Modine Manufacturing worth $166,540,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. First Horizon Corp purchased a new stake in shares of Modine Manufacturing during the 3rd quarter valued at about $38,000. Parkside Financial Bank & Trust grew its position in Modine Manufacturing by 2,025.0% in the second quarter. Parkside Financial Bank & Trust now owns 425 shares of the auto parts company’s stock worth $42,000 after acquiring an additional 405 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in Modine Manufacturing during the second quarter worth approximately $57,000. Toth Financial Advisory Corp purchased a new stake in Modine Manufacturing during the third quarter valued at approximately $57,000. Finally, AdvisorShares Investments LLC raised its position in Modine Manufacturing by 154.0% during the third quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock valued at $68,000 after purchasing an additional 288 shares during the period. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock opened at $226.50 on Friday. The company has a current ratio of 2.19, a quick ratio of 1.28 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average price is $160.89 and its 200-day moving average price is $152.22. The firm has a market cap of $11.94 billion, a P/E ratio of 125.84, a P/E/G ratio of 1.38 and a beta of 1.71. Modine Manufacturing Company has a 12 month low of $64.79 and a 12 month high of $235.02.

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

Insider Activity at Modine Manufacturing

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MOD shares. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Sunday. Zacks Research upgraded Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. Roth Mkm started coverage on Modine Manufacturing in a research note on Wednesday. They issued a “buy” rating and a $263.00 target price on the stock. Oppenheimer raised their price target on shares of Modine Manufacturing from $220.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Finally, UBS Group started coverage on shares of Modine Manufacturing in a report on Thursday, November 20th. They set a “buy” rating and a $173.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Modine Manufacturing has a consensus rating of “Buy” and a consensus target price of $223.20.

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.