Illinois Municipal Retirement Fund Trims Holdings in Modine Manufacturing Company $MOD

Illinois Municipal Retirement Fund cut its position in shares of Modine Manufacturing Company (NYSE:MOD) by 55.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,266 shares of the auto parts company’s stock after selling 4,096 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Modine Manufacturing were worth $708,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Modine Manufacturing during the 4th quarter worth $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Modine Manufacturing during the 1st quarter worth about $25,000. Spire Wealth Management acquired a new position in shares of Modine Manufacturing during the 4th quarter valued at $27,000. Sunbelt Securities Inc. purchased a new stake in shares of Modine Manufacturing during the 3rd quarter valued at about $39,000. Finally, Danske Bank A S purchased a new position in shares of Modine Manufacturing in the third quarter valued at $43,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 0.1%

NYSE MOD opened at $250.01 on Friday. The company has a market cap of $13.28 billion, a PE ratio of 111.61, a PEG ratio of 0.81 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. Modine Manufacturing Company has a 12 month low of $96.45 and a 12 month high of $323.25. The stock has a 50 day moving average of $262.68 and a 200-day moving average of $227.52.

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

Insider Activity at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 26.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the transaction, the insider directly owned 28,364 shares in the company, valued at $8,369,081.84. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 54,302 shares of company stock worth $15,928,759. 1.92% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. B. Riley Financial boosted their target price on shares of Modine Manufacturing from $250.00 to $264.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings upgraded Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. DA Davidson reissued a “buy” rating and issued a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. UBS Group lifted their price objective on shares of Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Modine Manufacturing has a consensus rating of “Moderate Buy” and an average 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.