Modine Manufacturing (NYSE:MOD) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. reduced its stake in shares of Modine Manufacturing (NYSE:MOD) by 23.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,614 shares of the auto parts company’s stock after selling 819 shares during the quarter. Wedbush Securities Inc.’s holdings in Modine Manufacturing were worth $262,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in Modine Manufacturing by 311.1% during the second quarter. SG Americas Securities LLC now owns 32,128 shares of the auto parts company’s stock worth $3,219,000 after buying an additional 24,312 shares during the period. Hennessy Advisors Inc. grew its position in Modine Manufacturing by 20.4% during the first quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock worth $68,004,000 after buying an additional 121,200 shares during the period. 1492 Capital Management LLC acquired a new position in Modine Manufacturing during the fourth quarter worth about $1,284,000. Janney Montgomery Scott LLC acquired a new position in Modine Manufacturing during the first quarter worth about $833,000. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Modine Manufacturing by 327.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 62,841 shares of the auto parts company’s stock valued at $5,982,000 after purchasing an additional 48,150 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

Shares of MOD opened at $111.07 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.11 and a current ratio of 1.80. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 36.66, a PEG ratio of 0.83 and a beta of 2.22. The company’s 50 day simple moving average is $107.64 and its 200 day simple moving average is $99.75. Modine Manufacturing has a 1 year low of $38.50 and a 1 year high of $123.92.

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of the stock in a transaction that occurred 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 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 currently owned by insiders.

Modine Manufacturing 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.