Sovereign Financial Group Inc. Makes New $266,000 Investment in Modine Manufacturing (NYSE:MOD)

Sovereign Financial Group Inc. purchased a new stake in Modine Manufacturing (NYSE:MOD) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,004 shares of the auto parts company’s stock, valued at approximately $266,000.

Other hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Modine Manufacturing during the 1st quarter valued at about $37,000. Opal Wealth Advisors LLC bought a new position in shares of Modine Manufacturing in the second quarter valued at $51,000. West Oak Capital LLC increased its stake in Modine Manufacturing by 300.0% in the 2nd quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock worth $60,000 after purchasing an additional 450 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of Modine Manufacturing in the second quarter worth approximately $64,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Modine Manufacturing during the 2nd quarter valued at $68,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 0.9 %

MOD opened at $134.00 on Thursday. The firm’s fifty day simple moving average is $114.88 and its 200 day simple moving average is $104.39. Modine Manufacturing has a 12 month low of $38.50 and a 12 month high of $138.99. The stock has a market capitalization of $7.02 billion, a P/E ratio of 44.22, a P/E/G ratio of 0.97 and a beta of 2.22. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 0.51.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $633.55 million. During the same period in the previous year, the business earned $0.85 EPS. Modine Manufacturing’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, research analysts anticipate that Modine Manufacturing will post 3.85 EPS for the current fiscal year.

Insider Buying and Selling at Modine Manufacturing

In related news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $3,775,056.00. Following the sale, the director now directly owns 144,038 shares of the company’s stock, valued at approximately $15,806,730.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. DA Davidson upped their target price on 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 boosted their price objective on shares of Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. William Blair assumed coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $135.00 price target on shares of Modine Manufacturing in a research note on Thursday, September 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $143.33.

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.