Allspring Global Investments Holdings LLC Has $5.74 Million Stock Holdings in Modine Manufacturing (NYSE:MOD)

Allspring Global Investments Holdings LLC grew its holdings in Modine Manufacturing (NYSE:MOD) by 528.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 96,219 shares of the auto parts company’s stock after acquiring an additional 80,908 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Modine Manufacturing were worth $5,744,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in shares of Modine Manufacturing by 51.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,172 shares of the auto parts company’s stock valued at $70,000 after buying an additional 400 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Modine Manufacturing by 154.1% in the second quarter. Harbour Investments Inc. now owns 1,245 shares of the auto parts company’s stock valued at $41,000 after buying an additional 755 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Modine Manufacturing by 966.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the auto parts company’s stock valued at $29,000 after buying an additional 1,334 shares during the last quarter. Point72 Middle East FZE acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $31,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Modine Manufacturing by 161.3% in the first quarter. Tower Research Capital LLC TRC now owns 1,680 shares of the auto parts company’s stock valued at $38,000 after buying an additional 1,037 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MOD has been the subject of a number of recent analyst reports. StockNews.com cut Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. DA Davidson reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Modine Manufacturing in a research report on Tuesday, February 27th. B. Riley reiterated a “buy” rating and set a $98.00 target price (up previously from $88.00) on shares of Modine Manufacturing in a research note on Tuesday, February 27th. Finally, Oppenheimer started coverage on Modine Manufacturing in a research note on Tuesday, March 19th. They set an “outperform” rating and a $105.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.67.

Insiders Place Their Bets

In other Modine Manufacturing news, VP Brian Jon Agen sold 16,799 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $95.64, for a total transaction of $1,606,656.36. Following the transaction, the vice president now owns 102,409 shares in the company, valued at approximately $9,794,396.76. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Modine Manufacturing news, Director Christopher William Patterson sold 14,225 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $90.56, for a total transaction of $1,288,216.00. Following the transaction, the director now owns 97,517 shares in the company, valued at approximately $8,831,139.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Brian Jon Agen sold 16,799 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $95.64, for a total value of $1,606,656.36. Following the completion of the sale, the vice president now directly owns 102,409 shares in the company, valued at approximately $9,794,396.76. The disclosure for this sale can be found here. Insiders have sold a total of 113,336 shares of company stock worth $10,330,115 in the last 90 days. Company insiders own 2.86% of the company’s stock.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $83.71 on Friday. The firm has a market cap of $4.37 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 0.69 and a beta of 2.29. The company has a current ratio of 1.93, a quick ratio of 1.21 and a debt-to-equity ratio of 0.43. Modine Manufacturing has a 1-year low of $19.41 and a 1-year high of $106.01. The business’s 50 day moving average is $88.50 and its 200-day moving average is $65.95.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, January 30th. The auto parts company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.17. Modine Manufacturing had a return on equity of 25.28% and a net margin of 9.31%. The company had revenue of $561.40 million for the quarter, compared to analyst estimates of $594.84 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts predict that Modine Manufacturing will post 3.27 earnings per share for the current year.

About Modine Manufacturing

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. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.