Oppenheimer Asset Management Inc. Buys Shares of 2,169 Modine Manufacturing (NYSE:MOD)

Oppenheimer Asset Management Inc. bought a new stake in Modine Manufacturing (NYSE:MOD) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,169 shares of the auto parts company’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MOD. Principal Securities Inc. acquired a new position in Modine Manufacturing in the fourth quarter valued at about $29,000. UBS Group AG grew its stake in Modine Manufacturing by 19.8% in the fourth quarter. UBS Group AG now owns 247,047 shares of the auto parts company’s stock valued at $14,749,000 after acquiring an additional 40,883 shares during the period. Corient Private Wealth LLC acquired a new position in Modine Manufacturing in the fourth quarter valued at about $548,000. Trexquant Investment LP acquired a new position in Modine Manufacturing in the fourth quarter valued at about $889,000. Finally, Assetmark Inc. boosted its position in shares of Modine Manufacturing by 12.5% during the fourth quarter. Assetmark Inc. now owns 6,069 shares of the auto parts company’s stock worth $362,000 after buying an additional 673 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

Shares of NYSE MOD opened at $128.32 on Monday. The stock has a 50 day moving average price of $109.01 and a 200 day moving average price of $100.87. Modine Manufacturing has a 52 week low of $38.50 and a 52 week high of $130.53. 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 stock has a market capitalization of $6.72 billion, a PE ratio of 42.35, a price-to-earnings-growth ratio of 0.83 and a beta of 2.22.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, July 30th. The auto parts company reported $1.04 EPS 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 during the quarter, compared to analysts’ expectations of $633.55 million. During the same period in the prior year, the firm posted $0.85 earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. Analysts predict that Modine Manufacturing will post 3.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MOD has been the subject of several recent research reports. B. Riley upped their price objective on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reaffirmed an “outperform” rating and set a $135.00 price objective on shares of Modine Manufacturing in a research report on Thursday, September 12th. DA Davidson upped their price objective on Modine Manufacturing from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, William Blair initiated coverage on Modine Manufacturing in a research report on Monday, July 29th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $138.33.

Insider Activity at Modine Manufacturing

In related news, Director Marsha C. Williams sold 34,400 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 144,038 shares of the company’s stock, valued at $15,806,730.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.