Fifth Third Bancorp Makes New Investment in Modine Manufacturing Company $MOD

Fifth Third Bancorp acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,397 shares of the auto parts company’s stock, valued at approximately $7,021,000. Fifth Third Bancorp owned about 0.06% of Modine Manufacturing at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Modine Manufacturing by 4.7% during the 4th quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after purchasing an additional 130,511 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Modine Manufacturing by 31.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after buying an additional 560,131 shares during the last quarter. Wasatch Advisors LP grew its position in shares of Modine Manufacturing by 1.4% in the 2nd quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after buying an additional 23,955 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Modine Manufacturing by 13.8% during the fourth quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock valued at $197,358,000 after buying an additional 179,617 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Modine Manufacturing by 120.4% during the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after buying an additional 720,389 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Trading Down 2.7%

MOD opened at $225.78 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.94 and a debt-to-equity ratio of 0.32. Modine Manufacturing Company has a 52 week low of $90.41 and a 52 week high of $323.25. The stock has a market cap of $11.99 billion, a PE ratio of 100.79, a PEG ratio of 0.75 and a beta of 1.67. The business has a 50 day moving average of $266.76 and a 200-day moving average of $223.82.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 earnings per share. Equities research analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on MOD shares. UBS Group raised their price target on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Glj Research reissued a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. DA Davidson restated a “buy” rating and issued a $330.00 price objective on shares of Modine Manufacturing in a report on Monday, June 22nd. B. Riley Financial upped their price objective on shares of Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Modine Manufacturing has an average rating of “Moderate Buy” and a consensus target price of $327.14.

Insider Buying and Selling

In related news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the transaction, the director directly owned 42,350 shares in the company, valued at $12,219,669. This trade represents a 26.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the sale, the insider directly owned 28,364 shares in the company, valued at $8,369,081.84. The trade was a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,302 shares of company stock worth $15,928,759 in the last three months. 2.48% of the stock is owned by corporate insiders.

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.