Bank of Montreal Can Lowers Holdings in Modine Manufacturing (NYSE:MOD)

Bank of Montreal Can reduced its stake in Modine Manufacturing (NYSE:MOD) by 57.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,584 shares of the auto parts company’s stock after selling 4,903 shares during the period. Bank of Montreal Can’s holdings in Modine Manufacturing were worth $377,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Modine Manufacturing by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 3,070,556 shares of the auto parts company’s stock valued at $183,312,000 after purchasing an additional 13,663 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $101,000. Mountain Pacific Investment Advisers Inc. ID purchased a new position in Modine Manufacturing in the 1st quarter worth approximately $1,904,000. Hennessy Advisors Inc. lifted its position in Modine Manufacturing by 20.4% in the 1st quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock valued at $68,004,000 after acquiring an additional 121,200 shares in the last quarter. Finally, Oliver Luxxe Assets LLC purchased a new position in shares of Modine Manufacturing in the first quarter worth $2,775,000. 95.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MOD shares. William Blair started coverage on shares of Modine Manufacturing in a research report on Monday, July 29th. They issued an “outperform” rating on the stock. Oppenheimer restated an “outperform” rating and set a $135.00 target price on shares of Modine Manufacturing in a research report on Thursday, September 12th. DA Davidson lifted their price target on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, B. Riley lifted their price target on shares of Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $143.33.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $130.95 on Friday. The stock has a market capitalization of $6.86 billion, a PE ratio of 43.14, a P/E/G ratio of 0.97 and a beta of 2.22. Modine Manufacturing has a fifty-two week low of $38.50 and a fifty-two week high of $138.99. The company has a fifty day moving average of $115.21 and a two-hundred day moving average of $104.60. 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 released its quarterly earnings data 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. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. The company had revenue of $661.50 million for the quarter, compared to analyst estimates of $633.55 million. During the same quarter in the previous year, the company posted $0.85 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, research analysts forecast that Modine Manufacturing will post 3.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Marsha C. Williams sold 34,400 shares of the company’s 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 sale, the director now owns 144,038 shares in the company, valued at $15,806,730.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate 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.