Truist Financial Corp Grows Position in Modine Manufacturing (NYSE:MOD)

Truist Financial Corp boosted its holdings in shares of Modine Manufacturing (NYSE:MOD) by 12.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,457 shares of the auto parts company’s stock after acquiring an additional 3,683 shares during the period. Truist Financial Corp owned about 0.07% of Modine Manufacturing worth $3,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MOD. Acadian Asset Management LLC bought a new position in shares of Modine Manufacturing during the first quarter valued at approximately $37,000. Opal Wealth Advisors LLC bought a new stake in Modine Manufacturing during the 2nd quarter valued at $51,000. West Oak Capital LLC increased its holdings in shares of Modine Manufacturing by 300.0% in the 2nd quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock valued at $60,000 after acquiring an additional 450 shares during the period. Fifth Third Bancorp purchased a new position in shares of Modine Manufacturing in the 2nd quarter valued at $64,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Modine Manufacturing in the 2nd quarter worth $68,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $132.77 on Wednesday. Modine Manufacturing has a fifty-two week low of $38.50 and a fifty-two week high of $138.99. The company has a market cap of $6.96 billion, a PE ratio of 43.82, a P/E/G ratio of 0.97 and a beta of 2.22. 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 business has a 50-day simple moving average of $114.20 and a two-hundred day simple moving average of $104.17.

Modine Manufacturing (NYSE:MOD) last released its 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 company had revenue of $661.50 million during the quarter, compared to analysts’ expectations of $633.55 million. During the same period last year, the business earned $0.85 EPS. Modine Manufacturing’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities analysts expect that Modine Manufacturing will post 3.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on MOD. William Blair began coverage on Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating on the stock. DA Davidson lifted their price objective on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. B. Riley increased their target price 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, Oppenheimer reaffirmed an “outperform” rating and issued a $135.00 price target on shares of Modine Manufacturing in a report on Thursday, September 12th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.33.

Insider Activity

In related news, Director Marsha C. Williams sold 34,400 shares of the firm’s 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 completion of the transaction, the director now owns 144,038 shares in the company, valued at $15,806,730.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

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.