Victory Capital Management Inc. Sells 137,490 Shares of Modine Manufacturing (NYSE:MOD)

Victory Capital Management Inc. cut its stake in Modine Manufacturing (NYSE:MOD) by 51.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 130,852 shares of the auto parts company’s stock after selling 137,490 shares during the quarter. Victory Capital Management Inc.’s holdings in Modine Manufacturing were worth $13,110,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Asset Management Inc increased its position in shares of Modine Manufacturing by 51.2% during the 2nd quarter. TD Asset Management Inc now owns 13,000 shares of the auto parts company’s stock worth $1,302,000 after purchasing an additional 4,400 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in shares of Modine Manufacturing during the second quarter worth approximately $401,000. LMG Wealth Partners LLC increased its holdings in shares of Modine Manufacturing by 5.9% during the second quarter. LMG Wealth Partners LLC now owns 14,467 shares of the auto parts company’s stock worth $1,449,000 after buying an additional 804 shares in the last quarter. Allegheny Financial Group LTD acquired a new position in shares of Modine Manufacturing in the 2nd quarter worth approximately $205,000. Finally, Rhumbline Advisers grew its position in Modine Manufacturing by 0.9% during the 2nd quarter. Rhumbline Advisers now owns 82,979 shares of the auto parts company’s stock worth $8,314,000 after acquiring an additional 712 shares during the last quarter. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 0.3 %

MOD stock opened at $111.13 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.51. Modine Manufacturing has a twelve month low of $38.50 and a twelve month high of $123.92. The company has a market cap of $5.82 billion, a P/E ratio of 36.68, a PEG ratio of 0.83 and a beta of 2.22. The business has a fifty day moving average of $107.64 and a 200-day moving average of $99.68.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.18. The company had revenue of $661.50 million for 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%. The company’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. As a group, equities research analysts expect that Modine Manufacturing will post 3.85 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MOD. B. Riley lifted their price objective on Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. William Blair began coverage on Modine Manufacturing in a report on Monday, July 29th. They issued an “outperform” rating for the company. Oppenheimer reissued an “outperform” rating and set a $135.00 price objective on shares of Modine Manufacturing in a report on Thursday. Finally, 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. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Modine Manufacturing presently has an average rating of “Moderate Buy” and an average target price of $138.33.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director Marsha C. Williams sold 34,400 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 144,038 shares in the company, valued at approximately $15,806,730.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.