Bank of New York Mellon Corp Sells 7,308 Shares of Modine Manufacturing Company $MOD

Bank of New York Mellon Corp reduced its stake in Modine Manufacturing Company (NYSE:MOD) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 175,199 shares of the auto parts company’s stock after selling 7,308 shares during the quarter. Bank of New York Mellon Corp owned 0.33% of Modine Manufacturing worth $37,967,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of Modine Manufacturing during the 1st quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new stake in shares of Modine Manufacturing in the fourth quarter worth $25,000. Spire Wealth Management acquired a new position in Modine Manufacturing during the fourth quarter worth $27,000. Sunbelt Securities Inc. acquired a new position in Modine Manufacturing during the third quarter worth $39,000. Finally, Danske Bank A S bought a new position in Modine Manufacturing in the third quarter valued at $43,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Price Performance

NYSE:MOD opened at $241.46 on Friday. Modine Manufacturing Company has a 1-year low of $98.90 and a 1-year high of $323.25. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $262.07 and a 200 day simple moving average of $227.62. The stock has a market capitalization of $12.82 billion, a PE ratio of 107.80, a P/E/G ratio of 0.78 and a beta of 1.67.

Modine Manufacturing (NYSE:MOD) last posted 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. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The firm had revenue of $954.40 million for the quarter, compared to analyst estimates of $920.67 million. During the same period in the prior year, the firm posted $1.12 earnings per share. The company’s quarterly revenue was up 47.5% compared to the same quarter last year. On average, research analysts expect that Modine Manufacturing Company will post 7.72 EPS for the current fiscal year.

Analysts Set New Price Targets

MOD has been the topic of several recent research reports. Weiss Ratings upgraded shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, May 28th. Wall Street Zen downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday. KeyCorp raised their price objective on Modine Manufacturing from $250.00 to $370.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. Zacks Research downgraded Modine Manufacturing from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, UBS Group lifted their target price on Modine Manufacturing to $310.00 and gave the company a “buy” rating in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $327.14.

Insider Transactions at Modine Manufacturing

In other news, insider Eric S. Mcginnis sold 1,020 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.06, for a total transaction of $300,961.20. Following the transaction, the insider directly owned 28,364 shares in the company, valued at $8,369,081.84. The trade was a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Jon Agen sold 38,282 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares in the company, valued at approximately $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,302 shares of company stock worth $15,928,759 in the last ninety days. Insiders own 1.92% of the company’s stock.

Modine Manufacturing Company Profile

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.