State of New Jersey Common Pension Fund D Sells 13,085 Shares of Modine Manufacturing (NYSE:MOD)

State of New Jersey Common Pension Fund D trimmed its position in shares of Modine Manufacturing (NYSE:MOD) by 40.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,271 shares of the auto parts company’s stock after selling 13,085 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Modine Manufacturing were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Modine Manufacturing by 27.3% during the 1st quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock worth $372,099,000 after acquiring an additional 838,460 shares during the last quarter. Capital International Investors grew its holdings in shares of Modine Manufacturing by 40.6% during the first quarter. Capital International Investors now owns 1,425,845 shares of the auto parts company’s stock worth $135,726,000 after purchasing an additional 411,946 shares during the last quarter. Hennessy Advisors Inc. increased its stake in shares of Modine Manufacturing by 20.4% in the first quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock valued at $68,004,000 after buying an additional 121,200 shares in the last quarter. Axiom Investors LLC DE raised its holdings in shares of Modine Manufacturing by 286.0% in the fourth quarter. Axiom Investors LLC DE now owns 281,690 shares of the auto parts company’s stock valued at $16,817,000 after buying an additional 208,715 shares during the last quarter. Finally, Emerald Advisers LLC acquired a new position in Modine Manufacturing during the 2nd quarter worth about $26,064,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $109.74, for a total value of $3,775,056.00. Following the completion of the sale, the director now 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 can be accessed through the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MOD shares. DA Davidson raised their price objective 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. Oppenheimer reissued an “outperform” rating and issued a $135.00 price target on shares of Modine Manufacturing in a report on Thursday, September 12th. B. Riley upped their price objective on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, William Blair initiated coverage on Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $138.33.

Modine Manufacturing Price Performance

MOD opened at $128.32 on Friday. The company has a fifty day moving average price of $109.01 and a two-hundred day moving average price of $100.79. The firm has a market capitalization of $6.72 billion, a PE ratio of 42.35, a P/E/G ratio of 0.83 and a beta of 2.22. 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.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings data 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 return on equity of 24.92% and a net margin of 6.70%. The business had revenue of $661.50 million during the quarter, compared to analysts’ expectations of $633.55 million. During the same period in the previous year, the firm earned $0.85 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts anticipate that Modine Manufacturing will post 3.85 earnings per share for the current year.

Modine Manufacturing Company Profile

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.