State of New Jersey Common Pension Fund D Decreases Stock Position in Modine Manufacturing Company $MOD

State of New Jersey Common Pension Fund D decreased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 16.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,406 shares of the auto parts company’s stock after selling 3,440 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Modine Manufacturing were worth $2,474,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MOD. Allspring Global Investments Holdings LLC increased its stake in shares of Modine Manufacturing by 13.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 84,616 shares of the auto parts company’s stock worth $12,512,000 after acquiring an additional 9,989 shares during the period. Schear Investment Advisers LLC acquired a new position in Modine Manufacturing during the second quarter valued at $1,547,000. Principal Financial Group Inc. boosted its holdings in Modine Manufacturing by 0.9% in the third quarter. Principal Financial Group Inc. now owns 749,845 shares of the auto parts company’s stock valued at $106,598,000 after purchasing an additional 6,847 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in Modine Manufacturing by 390.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 16,861 shares of the auto parts company’s stock worth $2,397,000 after purchasing an additional 13,424 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in Modine Manufacturing by 12.4% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 48,189 shares of the auto parts company’s stock worth $6,851,000 after purchasing an additional 5,319 shares during the period. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

NYSE:MOD opened at $226.50 on Friday. Modine Manufacturing Company has a one year low of $64.79 and a one year high of $235.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 2.19. The stock has a 50 day moving average price of $160.89 and a 200 day moving average price of $152.22. The stock has a market cap of $11.94 billion, a PE ratio of 125.84, a P/E/G ratio of 1.38 and a beta of 1.71.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Wednesday, February 4th. The auto parts company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The firm 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 firm posted $0.92 earnings per share. The firm’s quarterly revenue was up 30.5% on a year-over-year basis. Equities research analysts expect that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Insider Transactions at Modine Manufacturing

In related news, CEO Neil David Brinker sold 31,871 shares of the business’s stock in a transaction dated 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 approximately $38,263,374.72. The trade was a 11.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Suresh V. Garimella sold 1,100 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $184.07, for a total transaction of $202,477.00. Following the completion of the transaction, the director directly owned 79,856 shares in the company, valued at $14,699,093.92. The trade was a 1.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,071 shares of company stock valued at $5,484,685 over the last three months. Corporate insiders own 2.48% of the company’s stock.

Wall Street Analyst Weigh In

MOD has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Modine Manufacturing in a report on Monday, December 29th. UBS Group began coverage on Modine Manufacturing in a research report on Thursday, November 20th. They set a “buy” rating and a $173.00 price target for the company. 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 shares of Modine Manufacturing in a research note on Wednesday. They set a “buy” rating and a $263.00 price objective on the stock. Finally, Wall Street Zen cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Sunday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Modine Manufacturing has a consensus rating of “Buy” and a consensus price target of $223.20.

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.