Lazard Asset Management LLC Takes Position in Modine Manufacturing Company $MOD

Lazard Asset Management LLC bought a new position in Modine Manufacturing Company (NYSE:MOD) in the 1st quarter, Holdings Channel reports. The firm bought 7,945 shares of the auto parts company’s stock, valued at approximately $1,722,000.

A number of other large investors have also recently made changes to their positions in the company. Castleark Management LLC grew its holdings in Modine Manufacturing by 216.5% during the 1st quarter. Castleark Management LLC now owns 37,850 shares of the auto parts company’s stock valued at $8,202,000 after purchasing an additional 25,890 shares during the last quarter. Granahan Investment Management LLC lifted its stake in Modine Manufacturing by 15.7% in the first quarter. Granahan Investment Management LLC now owns 377,586 shares of the auto parts company’s stock worth $81,827,000 after purchasing an additional 51,112 shares during the last quarter. Entropy Technologies LP boosted its position in shares of Modine Manufacturing by 347.8% during the first quarter. Entropy Technologies LP now owns 10,250 shares of the auto parts company’s stock valued at $2,221,000 after buying an additional 7,961 shares during the period. Compound Planning Inc. purchased a new position in shares of Modine Manufacturing during the first quarter valued at approximately $271,000. Finally, Gibbs Wealth Management grew its stake in shares of Modine Manufacturing by 65.2% during the first quarter. Gibbs Wealth Management now owns 7,049 shares of the auto parts company’s stock valued at $1,528,000 after buying an additional 2,781 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 completion of the sale, the vice president directly owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 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 owned 42,350 shares in the company, valued at approximately $12,219,669. The trade was 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 worth $15,928,759. Company insiders own 1.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MOD. B. Riley Financial reiterated a “buy” rating and issued a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. KeyCorp cut their price objective on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. DA Davidson reiterated a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a research note on Monday, June 22nd. Oppenheimer increased their target price on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Finally, Glj Research reiterated a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $320.14.

Modine Manufacturing Stock Down 2.5%

Shares of NYSE:MOD opened at $196.09 on Tuesday. The business’s 50 day moving average is $255.81 and its 200 day moving average is $231.46. The stock has a market cap of $10.41 billion, a P/E ratio of 73.72, a price-to-earnings-growth ratio of 0.66 and a beta of 1.71. Modine Manufacturing Company has a 52-week low of $111.18 and a 52-week high of $323.25. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, July 28th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The business had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. During the same period in the previous year, the company posted $0.95 EPS. Modine Manufacturing’s revenue was up 28.0% on a year-over-year basis. Sell-side analysts predict that Modine Manufacturing Company will post 7.63 EPS for the current year.

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.