Oppenheimer & Co. Inc. Has $2.46 Million Position in Modine Manufacturing (NYSE:MOD)

Oppenheimer & Co. Inc. increased its stake in shares of Modine Manufacturing (NYSE:MOD) by 399.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,530 shares of the auto parts company’s stock after purchasing an additional 19,615 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Modine Manufacturing were worth $2,458,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MOD. Principal Securities Inc. bought a new stake in Modine Manufacturing during the 4th quarter worth $29,000. Level Four Advisory Services LLC acquired a new position in shares of Modine Manufacturing in the fourth quarter valued at approximately $837,000. UBS Group AG raised its holdings in Modine Manufacturing by 19.8% in the 4th quarter. UBS Group AG now owns 247,047 shares of the auto parts company’s stock valued at $14,749,000 after buying an additional 40,883 shares during the last quarter. D.A. Davidson & CO. boosted its position in Modine Manufacturing by 42.8% during the 4th quarter. D.A. Davidson & CO. now owns 68,316 shares of the auto parts company’s stock worth $4,078,000 after buying an additional 20,476 shares during the period. Finally, Corient Private Wealth LLC bought a new stake in Modine Manufacturing during the 4th quarter worth approximately $548,000. Institutional investors own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MOD. Oppenheimer reiterated an “outperform” rating and set a $135.00 price target on shares of Modine Manufacturing in a report on Thursday, September 12th. B. Riley increased their price target 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 target price on Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, William Blair began coverage on shares of Modine Manufacturing in a report on Monday, July 29th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.33.

Insider Buying and Selling at Modine Manufacturing

In related news, Director Marsha C. Williams sold 34,400 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $109.74, for a total value 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 document filed with the SEC, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

Modine Manufacturing Trading Up 1.6 %

NYSE MOD opened at $112.80 on Tuesday. The stock has a market capitalization of $5.91 billion, a P/E ratio of 37.23, a P/E/G ratio of 0.83 and a beta of 2.22. The business has a 50 day simple moving average of $107.79 and a 200 day simple moving average of $99.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.80 and a quick ratio of 1.11. Modine Manufacturing has a one year low of $38.50 and a one year high of $123.92.

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

About Modine Manufacturing

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.