Raymond James & Associates Sells 8,059 Shares of Modine Manufacturing (NYSE:MOD)

Raymond James & Associates decreased its position in shares of Modine Manufacturing (NYSE:MOD) by 23.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,606 shares of the auto parts company’s stock after selling 8,059 shares during the quarter. Raymond James & Associates owned about 0.05% of Modine Manufacturing worth $2,666,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MOD. Vanguard Group Inc. increased its holdings in shares of Modine Manufacturing by 27.3% during the first quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock valued at $372,099,000 after acquiring an additional 838,460 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Modine Manufacturing during the fourth quarter worth $35,414,000. Capital International Investors grew its holdings in Modine Manufacturing by 40.6% during the first quarter. Capital International Investors now owns 1,425,845 shares of the auto parts company’s stock worth $135,726,000 after buying an additional 411,946 shares in the last quarter. Axiom Investors LLC DE grew its holdings in Modine Manufacturing by 286.0% during the fourth quarter. Axiom Investors LLC DE now owns 281,690 shares of the auto parts company’s stock worth $16,817,000 after buying an additional 208,715 shares in the last quarter. Finally, Capital World Investors bought a new stake in Modine Manufacturing during the fourth quarter worth $11,623,000. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of MOD opened at $121.55 on Monday. The stock’s 50-day simple moving average is $106.77 and its 200 day simple moving average is $98.02. Modine Manufacturing has a 52-week low of $38.50 and a 52-week high of $123.92. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 40.12, a price-to-earnings-growth ratio of 0.93 and a beta of 2.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.11 and a current ratio of 1.80.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.18. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. The firm had revenue of $661.50 million for the quarter, compared to analysts’ expectations of $633.55 million. During the same quarter last year, the firm posted $0.85 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. Research analysts forecast that Modine Manufacturing will post 3.85 EPS for the current fiscal year.

Analysts Set New Price Targets

MOD has been the subject of a number of recent analyst reports. B. Riley upped their price objective on Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. DA Davidson upped their price target on Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Oppenheimer upped their price target on Modine Manufacturing from $114.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, William Blair started coverage on Modine Manufacturing in a research report on Monday, July 29th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $138.33.

Insider Activity

In other news, Director Marsha C. Williams sold 34,400 shares of the stock in a transaction dated Thursday, August 15th. The stock was 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 in the company, valued at approximately $15,806,730.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.40% of the company’s stock.

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.