Stifel Financial Corp Boosts Position in Modine Manufacturing Company (MOD)
Stifel Financial Corp increased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 18.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 721,298 shares of the auto parts company’s stock after purchasing an additional 113,022 shares during the quarter. Stifel Financial Corp owned 1.44% of Modine Manufacturing worth $11,943,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Karp Capital Management Corp acquired a new stake in Modine Manufacturing during the 1st quarter worth approximately $164,000. Virginia Retirement Systems ET AL bought a new position in Modine Manufacturing in the first quarter valued at approximately $181,000. JPMorgan Chase & Co. lifted its stake in Modine Manufacturing by 37.6% in the first quarter. JPMorgan Chase & Co. now owns 34,472 shares of the auto parts company’s stock valued at $421,000 after buying an additional 9,423 shares in the last quarter. American International Group Inc. lifted its stake in Modine Manufacturing by 7.0% in the first quarter. American International Group Inc. now owns 28,990 shares of the auto parts company’s stock valued at $354,000 after buying an additional 1,907 shares in the last quarter. Finally, BB&T Securities LLC bought a new position in Modine Manufacturing in the first quarter valued at approximately $159,000. 83.37% of the stock is owned by institutional investors and hedge funds.
Shares of Modine Manufacturing Company (NYSE MOD) opened at 19.85 on Tuesday. The company has a market capitalization of $994.92 million, a price-to-earnings ratio of 43.15 and a beta of 1.22. The stock has a 50 day moving average price of $17.01 and a 200-day moving average price of $14.93. Modine Manufacturing Company has a one year low of $9.25 and a one year high of $19.90.
Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, August 1st. The auto parts company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.09. Modine Manufacturing had a net margin of 1.35% and a return on equity of 11.16%. The company had revenue of $515.50 million for the quarter, compared to the consensus estimate of $482.70 million. During the same quarter in the previous year, the company earned $0.23 EPS. Modine Manufacturing’s quarterly revenue was up 48.5% compared to the same quarter last year. On average, equities research analysts expect that Modine Manufacturing Company will post $1.41 EPS for the current year.
In other Modine Manufacturing news, insider Thomas Andrew Burke sold 84,980 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $16.19, for a total value of $1,375,826.20. Following the completion of the sale, the insider now directly owns 454,673 shares in the company, valued at $7,361,155.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.42% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on MOD shares. TheStreet upgraded shares of Modine Manufacturing from a “c” rating to a “b-” rating in a report on Tuesday, August 1st. Zacks Investment Research lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. BidaskClub upgraded shares of Modine Manufacturing from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. Finally, ValuEngine raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $17.00.
About Modine Manufacturing
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company’s products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils.
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