Swiss National Bank Boosts Holdings in Modine Manufacturing (NYSE:MOD)

Posted by Defense World Staff on May 26th, 2023

Swiss National Bank lifted its stake in Modine Manufacturing (NYSE:MOD – Get Rating) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,000 shares of the auto parts company’s stock after purchasing an additional 2,900 shares during the period. Swiss National Bank owned 0.22% of Modine Manufacturing worth $2,244,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MOD. TCI Wealth Advisors Inc. purchased a new position in Modine Manufacturing during the 4th quarter valued at about $30,000. Quantbot Technologies LP purchased a new position in Modine Manufacturing during the 3rd quarter valued at about $33,000. Ensign Peak Advisors Inc purchased a new position in Modine Manufacturing during the 3rd quarter valued at about $42,000. Robeco Institutional Asset Management B.V. bought a new stake in Modine Manufacturing during the 3rd quarter valued at about $44,000. Finally, Captrust Financial Advisors increased its stake in Modine Manufacturing by 374.5% during the 2nd quarter. Captrust Financial Advisors now owns 4,764 shares of the auto parts company’s stock valued at $50,000 after purchasing an additional 3,760 shares in the last quarter. 89.09% of the stock is owned by hedge funds and other institutional investors.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $24.42 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.73 and a quick ratio of 1.06. Modine Manufacturing has a 1-year low of $9.94 and a 1-year high of $26.90. The company has a market capitalization of $1.27 billion, a P/E ratio of 18.09, a P/E/G ratio of 0.35 and a beta of 2.25. The firm’s 50 day simple moving average is $21.29 and its two-hundred day simple moving average is $21.82.

Modine Manufacturing (NYSE:MOD – Get Rating) last issued its quarterly earnings results on Wednesday, May 24th. The auto parts company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.19. Modine Manufacturing had a net margin of 3.18% and a return on equity of 21.07%. The business had revenue of $618.10 million for the quarter, compared to the consensus estimate of $583.70 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts expect that Modine Manufacturing will post 1.76 EPS for the current fiscal year.

Insider Transactions at Modine Manufacturing

In other news, VP Brian Jon Agen sold 3,248 shares of the business’s stock in a transaction on Thursday, March 30th. The shares were sold at an average price of $22.37, for a total value of $72,657.76. Following the transaction, the vice president now owns 110,329 shares of the company’s stock, valued at $2,468,059.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com started coverage on shares of Modine Manufacturing in a research note on Thursday, May 18th. They set a “strong-buy” rating for the company. DA Davidson lifted their price target on shares of Modine Manufacturing from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, February 21st. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $33.50.

Modine Manufacturing Company Profile

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Modine Manufacturing Co engages in provision of thermal management solutions. It operates through the following segments: Heavy-Duty Equipment(HDE), Automotive, Commercial and Industrial Solutions (CIS), and Building HVAC Systems (BHVAC). The HDE segment provides powertrain and engine cooling products, including, but not limited to, radiators, charge air coolers, condensers, oil coolers, EGR coolers, fuel coolers, electronics cooling packages, and battery thermal management systems to OEMs in the commercial vehicle, off-highway, and automotive and light vehicle markets in North America, South America, Europe, and Asia.