HITE Hedge Asset Management LLC Takes Position in Modine Manufacturing Company $MOD

HITE Hedge Asset Management LLC bought a new position in shares of Modine Manufacturing Company (NYSE:MOD) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,086 shares of the auto parts company’s stock, valued at approximately $2,815,000.

A number of other large investors have also bought and sold shares of the business. Platinum Investment Management Ltd. bought a new stake in Modine Manufacturing during the 4th quarter worth approximately $2,330,000. Lord Abbett & CO. LLC increased its stake in Modine Manufacturing by 32.6% during the 4th quarter. Lord Abbett & CO. LLC now owns 429,795 shares of the auto parts company’s stock worth $57,381,000 after purchasing an additional 105,643 shares in the last quarter. Castleark Management LLC bought a new stake in Modine Manufacturing during the 4th quarter worth approximately $1,597,000. Cibc World Markets Corp bought a new stake in Modine Manufacturing during the 4th quarter worth approximately $463,000. Finally, Aristides Capital LLC increased its stake in Modine Manufacturing by 3.0% during the 4th quarter. Aristides Capital LLC now owns 6,803 shares of the auto parts company’s stock worth $908,000 after purchasing an additional 201 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Trading Up 0.6%

NYSE MOD opened at $273.16 on Friday. The company has a market cap of $14.43 billion, a PE ratio of 121.95, a PEG ratio of 0.88 and a beta of 1.65. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. Modine Manufacturing Company has a 12 month low of $86.48 and a 12 month high of $323.25. The stock has a 50 day moving average of $260.23 and a 200-day moving average of $205.14.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The business had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. During the same quarter in the prior year, the business earned $1.12 EPS. The firm’s revenue for the quarter was up 47.5% on a year-over-year basis. On average, equities research analysts anticipate that Modine Manufacturing Company will post 7.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Zacks Research cut Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Roth Mkm assumed coverage on Modine Manufacturing in a research note on Wednesday, February 18th. They set a “buy” rating and a $263.00 target price for the company. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. DA Davidson increased their target price on Modine Manufacturing from $265.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, Oppenheimer upped their price target on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Modine Manufacturing presently has an average rating of “Moderate Buy” and a consensus price target of $327.14.

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.