Gabelli Funds LLC Sells 54,500 Shares of Modine Manufacturing (NYSE:MOD)

Gabelli Funds LLC reduced its position in shares of Modine Manufacturing (NYSE:MOD) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 492,700 shares of the auto parts company’s stock after selling 54,500 shares during the quarter. Gabelli Funds LLC owned 0.94% of Modine Manufacturing worth $49,364,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MOD. SG Americas Securities LLC lifted its stake in Modine Manufacturing by 311.1% in the 2nd quarter. SG Americas Securities LLC now owns 32,128 shares of the auto parts company’s stock valued at $3,219,000 after purchasing an additional 24,312 shares during the last quarter. Hennessy Advisors Inc. boosted its stake in shares of Modine Manufacturing by 20.4% during the 1st quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock worth $68,004,000 after acquiring an additional 121,200 shares during the period. 1492 Capital Management LLC bought a new stake in Modine Manufacturing in the 4th quarter valued at $1,284,000. Janney Montgomery Scott LLC bought a new stake in shares of Modine Manufacturing during the 1st quarter worth about $833,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in Modine Manufacturing by 327.8% in the 1st 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 acquiring an additional 48,150 shares during the period. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $128.32 on Friday. The company 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 fifty-two week low of $38.50 and a fifty-two 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 company has a 50 day simple moving average of $109.01 and a two-hundred day simple moving average of $100.79.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.18. The business had revenue of $661.50 million during 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%. Modine Manufacturing’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 earnings per share. Research analysts anticipate that Modine Manufacturing will post 3.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. William Blair started coverage on Modine Manufacturing in a research report on Monday, July 29th. They set an “outperform” rating on the stock. B. Riley lifted their price objective on shares of Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. DA Davidson increased their target price on shares of Modine Manufacturing from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Oppenheimer reiterated an “outperform” rating and issued a $135.00 price target on shares of Modine Manufacturing in a research report on Thursday, September 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Modine Manufacturing has an average rating of “Moderate Buy” and an average price target of $138.33.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction that occurred 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 completion of the sale, the director now directly owns 144,038 shares in the company, valued at $15,806,730.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

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.