Dark Forest Capital Management LP Increases Holdings in Modine Manufacturing (NYSE:MOD)

Dark Forest Capital Management LP raised its stake in Modine Manufacturing (NYSE:MOD) by 128.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 7,742 shares of the auto parts company’s stock after acquiring an additional 4,360 shares during the quarter. Dark Forest Capital Management LP’s holdings in Modine Manufacturing were worth $776,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Squarepoint Ops LLC raised its holdings in shares of Modine Manufacturing by 238.4% during the 2nd quarter. Squarepoint Ops LLC now owns 57,199 shares of the auto parts company’s stock valued at $5,731,000 after buying an additional 40,298 shares during the period. Fred Alger Management LLC grew its position in Modine Manufacturing by 5.1% in the second quarter. Fred Alger Management LLC now owns 369,840 shares of the auto parts company’s stock valued at $37,054,000 after acquiring an additional 17,889 shares in the last quarter. Marshall Wace LLP acquired a new stake in Modine Manufacturing in the second quarter valued at approximately $411,000. Xponance Inc. raised its stake in shares of Modine Manufacturing by 4.9% during the second quarter. Xponance Inc. now owns 3,270 shares of the auto parts company’s stock valued at $328,000 after purchasing an additional 153 shares during the period. Finally, Ensign Peak Advisors Inc lifted its position in shares of Modine Manufacturing by 40.4% during the second quarter. Ensign Peak Advisors Inc now owns 16,309 shares of the auto parts company’s stock worth $1,634,000 after purchasing an additional 4,695 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Trading Down 2.3 %

NYSE MOD opened at $130.64 on Friday. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 44.13, a price-to-earnings-growth ratio of 0.97 and a beta of 2.22. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.80 and a quick ratio of 1.11. Modine Manufacturing has a 12 month low of $38.50 and a 12 month high of $138.99. The company’s fifty day moving average price is $110.18 and its two-hundred day moving average price is $101.72.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Tuesday, July 30th. The auto parts company reported $1.04 EPS for the quarter, topping 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 net margin of 6.70% and a return on equity of 24.92%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 earnings per share. As a group, research analysts predict that Modine Manufacturing will post 3.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Modine Manufacturing

In other news, Director Marsha C. Williams sold 34,400 shares of Modine Manufacturing stock in a transaction that occurred 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 approximately $15,806,730.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on MOD. William Blair assumed coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They set an “outperform” rating on the stock. DA Davidson raised their target price on Modine Manufacturing from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday. B. Riley boosted their price target on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Oppenheimer restated an “outperform” rating and set a $135.00 price objective on shares of Modine Manufacturing in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.