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

Gabelli Funds LLC trimmed its position in shares of Modine Manufacturing (NYSE:MOD) by 10.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 492,700 shares of the auto parts company’s stock after selling 54,500 shares during the quarter. Gabelli Funds LLC’s holdings in Modine Manufacturing were worth $49,364,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. SG Americas Securities LLC grew its holdings in Modine Manufacturing by 311.1% during the second 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 period. Hennessy Advisors Inc. grew its holdings in Modine Manufacturing by 20.4% during the first quarter. Hennessy Advisors Inc. now owns 714,400 shares of the auto parts company’s stock valued at $68,004,000 after purchasing an additional 121,200 shares during the period. 1492 Capital Management LLC bought a new position in Modine Manufacturing during the fourth quarter valued at $1,284,000. Janney Montgomery Scott LLC bought a new position in Modine Manufacturing during the first quarter valued at $833,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in Modine Manufacturing by 327.8% during the first 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 purchasing an additional 48,150 shares during the period. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Stock Up 0.6 %

NYSE MOD opened at $128.32 on Friday. The business’s 50-day moving average is $109.01 and its 200 day moving average is $100.79. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.80 and a quick ratio of 1.11. The stock has a market capitalization of $6.72 billion, a PE ratio of 42.35, a PEG ratio of 0.83 and a beta of 2.22. Modine Manufacturing has a 1 year low of $38.50 and a 1 year high of $130.53.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, July 30th. The auto parts company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.18. The business had revenue of $661.50 million for the quarter, compared to analysts’ expectations of $633.55 million. Modine Manufacturing had a return on equity of 24.92% and a net margin of 6.70%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.85 EPS. Sell-side analysts forecast that Modine Manufacturing will post 3.85 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on MOD. DA Davidson increased their price objective on Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 1st. William Blair initiated coverage on Modine Manufacturing in a research note on Monday, July 29th. They set 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 research note on Thursday, September 12th. Finally, 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 note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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 business’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 directly owns 144,038 shares in the company, valued at approximately $15,806,730.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Company 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.