Norges Bank Invests $58.31 Million in Modine Manufacturing Company $MOD

Norges Bank bought a new stake in Modine Manufacturing Company (NYSE:MOD) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 436,739 shares of the auto parts company’s stock, valued at approximately $58,309,000. Norges Bank owned approximately 0.83% of Modine Manufacturing as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Spire Wealth Management bought a new stake in shares of Modine Manufacturing in the fourth quarter worth $27,000. Sunbelt Securities Inc. acquired a new position in Modine Manufacturing during the third quarter worth $39,000. Danske Bank A S bought a new position in Modine Manufacturing in the third quarter valued at $43,000. AdvisorShares Investments LLC grew its position in Modine Manufacturing by 154.0% in the third quarter. AdvisorShares Investments LLC now owns 475 shares of the auto parts company’s stock valued at $68,000 after purchasing an additional 288 shares in the last quarter. Finally, Maseco LLP acquired a new stake in Modine Manufacturing in the 4th quarter valued at $69,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on MOD. DA Davidson increased their price objective on shares of Modine Manufacturing from $265.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. B. Riley Financial upped their target price on Modine Manufacturing from $250.00 to $264.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Oppenheimer raised their price target on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Finally, KeyCorp upped 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. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $327.14.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $275.95 on Monday. The stock has a market cap of $14.58 billion, a P/E ratio of 123.19, a PEG ratio of 0.89 and a beta of 1.65. The stock has a 50 day simple moving average of $254.49 and a 200 day simple moving average of $200.92. 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 1-year low of $86.48 and a 1-year high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.20. Modine Manufacturing had a return on equity of 24.39% and a net margin of 3.82%.The firm 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 firm posted $1.12 EPS. The company’s revenue for the quarter was up 47.5% on a year-over-year basis. Research analysts anticipate that Modine Manufacturing Company will post 7.73 earnings per share 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.