Modine Manufacturing Company $MOD Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in Modine Manufacturing Company (NYSE:MOD) by 253.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 306,005 shares of the auto parts company’s stock after purchasing an additional 219,373 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.58% of Modine Manufacturing worth $68,230,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Modine Manufacturing during the first quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new stake in Modine Manufacturing in the 4th quarter valued at approximately $25,000. Spire Wealth Management acquired a new position in Modine Manufacturing during the 4th quarter worth approximately $27,000. Sunbelt Securities Inc. acquired a new position in Modine Manufacturing during the 3rd quarter worth approximately $39,000. Finally, Danske Bank A S purchased a new position in shares of Modine Manufacturing during the 3rd quarter worth approximately $43,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the sale, the director directly owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the sale, the insider owned 28,364 shares of the company’s stock, valued at approximately $8,369,081.84. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 54,302 shares of company stock worth $15,928,759. Insiders own 2.48% of the company’s stock.

Analysts Set New Price Targets

MOD has been the topic of a number of recent analyst reports. Weiss Ratings raised Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Glj Research restated a “buy” rating and set a $428.00 target price on shares of Modine Manufacturing in a research report on Monday, June 1st. Wall Street Zen raised shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, DA Davidson reiterated a “buy” rating and issued a $330.00 price target on shares of Modine Manufacturing in a report on Monday, June 22nd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

Modine Manufacturing Trading Up 1.4%

Modine Manufacturing stock opened at $229.31 on Friday. The stock has a 50-day moving average price of $265.89 and a 200 day moving average price of $223.86. Modine Manufacturing Company has a 52 week low of $90.41 and a 52 week high of $323.25. The stock has a market cap of $12.18 billion, a PE ratio of 102.37, a P/E/G ratio of 0.73 and a beta of 1.67. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.20. The company had revenue of $954.40 million for the quarter, compared to analysts’ expectations of $920.67 million. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The firm’s revenue for the quarter was up 47.5% compared to the same quarter last year. During the same period last year, the company earned $1.12 EPS. Equities research analysts predict that Modine Manufacturing Company will post 7.72 earnings per share for the current fiscal year.

About Modine Manufacturing

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.