Zacks Investment Management Invests $1.39 Million in Modine Manufacturing Co. (MOD) Stock
Zacks Investment Management acquired a new stake in Modine Manufacturing Co. (NYSE:MOD) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 76,012 shares of the auto parts company’s stock, valued at approximately $1,387,000.
A number of other hedge funds have also made changes to their positions in MOD. United Services Automobile Association boosted its stake in Modine Manufacturing by 2,224.3% in the second quarter. United Services Automobile Association now owns 2,444,646 shares of the auto parts company’s stock valued at $135,531,000 after acquiring an additional 2,339,469 shares during the last quarter. Paradigm Capital Management Inc. NY bought a new position in Modine Manufacturing in the second quarter valued at approximately $9,297,000. BlackRock Inc. boosted its position in shares of Modine Manufacturing by 11.1% during the first quarter. BlackRock Inc. now owns 4,182,069 shares of the auto parts company’s stock worth $88,452,000 after purchasing an additional 418,061 shares in the last quarter. KLCM Advisors Inc. bought a new position in shares of Modine Manufacturing during the second quarter worth $7,034,000. Finally, Principal Financial Group Inc. bought a new position in shares of Modine Manufacturing during the first quarter worth $7,434,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on MOD shares. ValuEngine cut shares of Modine Manufacturing from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Zacks Investment Research cut shares of Modine Manufacturing from a “hold” rating to a “sell” rating in a research report on Thursday, May 31st.
Shares of NYSE MOD opened at $15.30 on Friday. The firm has a market cap of $798.38 million, a PE ratio of 10.10 and a beta of 1.54. Modine Manufacturing Co. has a twelve month low of $15.15 and a twelve month high of $25.75. The company has a current ratio of 1.23, a quick ratio of 0.85 and a debt-to-equity ratio of 0.76.
Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, August 1st. The auto parts company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. The company had revenue of $566.10 million for the quarter, compared to analysts’ expectations of $552.12 million. Modine Manufacturing had a net margin of 1.26% and a return on equity of 17.01%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. equities analysts anticipate that Modine Manufacturing Co. will post 1.59 earnings per share for the current fiscal year.
Modine Manufacturing Company Profile
Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.
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