Allspring Global Investments Holdings LLC Raises Stock Holdings in Modine Manufacturing (NYSE:MOD)

Allspring Global Investments Holdings LLC raised its position in shares of Modine Manufacturing (NYSE:MOD) by 16.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 139,323 shares of the auto parts company’s stock after purchasing an additional 19,800 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.27% of Modine Manufacturing worth $13,959,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Strid Group LLC purchased a new stake in Modine Manufacturing in the first quarter valued at approximately $33,000. Acadian Asset Management LLC purchased a new stake in shares of Modine Manufacturing in the 1st quarter valued at $37,000. Principal Securities Inc. acquired a new stake in shares of Modine Manufacturing in the fourth quarter worth $29,000. Opal Wealth Advisors LLC purchased a new position in shares of Modine Manufacturing during the second quarter worth $51,000. Finally, West Oak Capital LLC lifted its position in Modine Manufacturing by 300.0% during the second quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock valued at $60,000 after purchasing an additional 450 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $3,775,056.00. Following the transaction, the director now directly owns 144,038 shares of the company’s stock, valued at $15,806,730.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on MOD. B. Riley increased their price target on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. William Blair assumed coverage on Modine Manufacturing in a report on Monday, July 29th. They set an “outperform” rating on the stock. DA Davidson boosted their price target on Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Oppenheimer raised their price objective on shares of Modine Manufacturing from $114.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $138.33.

Modine Manufacturing Price Performance

NYSE:MOD opened at $115.89 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.80 and a debt-to-equity ratio of 0.51. Modine Manufacturing has a 52 week low of $38.50 and a 52 week high of $123.92. The stock’s 50-day moving average price is $105.78 and its 200-day moving average price is $97.39. The stock has a market capitalization of $6.07 billion, a PE ratio of 38.25, a price-to-earnings-growth ratio of 0.86 and a beta of 2.27.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.18. The company had revenue of $661.50 million for the quarter, compared to the consensus estimate of $633.55 million. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. Modine Manufacturing’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.85 earnings per share. As a group, equities analysts expect that Modine Manufacturing will post 3.81 EPS 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. 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.