Allspring Global Investments Holdings LLC Raises Stake in Modine Manufacturing Company $MOD

Allspring Global Investments Holdings LLC increased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 253.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 306,005 shares of the auto parts company’s stock after purchasing an additional 219,373 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Modine Manufacturing were worth $68,230,000 as of its most recent filing with the SEC.

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

Modine Manufacturing Stock Performance

Modine Manufacturing stock opened at $229.31 on Friday. The stock has a market cap of $12.18 billion, a P/E ratio of 102.37, a price-to-earnings-growth ratio of 0.73 and a beta of 1.67. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $265.89 and a 200-day moving average of $223.86. Modine Manufacturing Company has a 52 week low of $90.41 and a 52 week high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.20. The business had revenue of $954.40 million during the quarter, compared to analyst estimates of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The business’s revenue was up 47.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 earnings per share. On average, analysts expect that Modine Manufacturing Company will post 7.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Brian Jon Agen sold 38,282 shares of the company’s stock in a transaction dated 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 sale, the vice president owned 66,343 shares in the company, valued at approximately $19,582,463.31. This represents a 36.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 dated Tuesday, June 16th. The stock was sold at an average price of $288.54, for a total transaction of $4,328,100.00. Following the transaction, the director directly owned 42,350 shares in the company, valued at $12,219,669. The trade was a 26.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 in the last ninety days. Corporate insiders own 2.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on MOD shares. KeyCorp boosted their price objective on Modine Manufacturing from $250.00 to $370.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. B. Riley Financial boosted their price target on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. UBS Group upped their price target on Modine Manufacturing to $310.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. 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 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

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.