D.A. Davidson & CO. Lowers Position in Modine Manufacturing Company $MOD

D.A. Davidson & CO. trimmed its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,735 shares of the auto parts company’s stock after selling 4,066 shares during the quarter. D.A. Davidson & CO.’s holdings in Modine Manufacturing were worth $10,995,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in Modine Manufacturing in the first quarter valued at about $25,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing during the fourth quarter valued at about $25,000. Spire Wealth Management acquired a new stake in shares of Modine Manufacturing during the fourth quarter valued at about $27,000. Sunbelt Securities Inc. purchased a new stake in shares of Modine Manufacturing in the 3rd quarter valued at approximately $39,000. Finally, Danske Bank A S purchased a new stake in shares of Modine Manufacturing in the 3rd quarter valued at approximately $43,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Trading Down 2.7%

Shares of MOD stock opened at $225.78 on Friday. Modine Manufacturing Company has a fifty-two week low of $90.41 and a fifty-two week high of $323.25. The company has a 50 day moving average price of $266.76 and a 200 day moving average price of $223.82. The stock has a market capitalization of $11.99 billion, a P/E ratio of 100.79, a price-to-earnings-growth ratio of 0.75 and a beta of 1.67. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.25 and a current ratio of 1.94.

Modine Manufacturing (NYSE:MOD) last released its 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. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company had revenue of $954.40 million for the quarter, compared to analyst estimates of $920.67 million. During the same period in the prior year, the business earned $1.12 EPS. The firm’s quarterly revenue was up 47.5% on a year-over-year basis. Equities research analysts predict that Modine Manufacturing Company will post 7.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MOD shares. Weiss Ratings upgraded shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Oppenheimer lifted their target price on shares of Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, May 28th. DA Davidson reissued a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a research report on Monday, June 22nd. Wall Street Zen upgraded Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, Zacks Research lowered Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Modine Manufacturing has an average rating of “Moderate Buy” and an average target price of $327.14.

Insider Transactions at Modine Manufacturing

In other news, VP Brian Jon Agen sold 38,282 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the sale, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction on 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 owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 54,302 shares of company stock valued at $15,928,759. 2.48% of the stock is currently owned by company 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.