Dimensional Fund Advisors LP Has $273.46 Million Position in Modine Manufacturing (NYSE:MOD)

Dimensional Fund Advisors LP lessened its stake in Modine Manufacturing (NYSE:MOD) by 21.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,729,490 shares of the auto parts company’s stock after selling 747,601 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.05% of Modine Manufacturing worth $273,462,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in shares of Modine Manufacturing by 311.1% during the 2nd quarter. SG Americas Securities LLC now owns 32,128 shares of the auto parts company’s stock valued at $3,219,000 after acquiring an additional 24,312 shares in the last quarter. Hennessy Advisors Inc. increased 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 worth $68,004,000 after purchasing an additional 121,200 shares during the last quarter. 1492 Capital Management LLC purchased a new stake in shares of Modine Manufacturing during the 4th quarter worth about $1,284,000. Janney Montgomery Scott LLC acquired a new stake in shares of Modine Manufacturing during the 1st quarter valued at about $833,000. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Modine Manufacturing by 327.8% in the 1st 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 buying an additional 48,150 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

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 transaction, the director now directly owns 144,038 shares in the company, valued at $15,806,730.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. DA Davidson lifted their target price on shares of Modine Manufacturing from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. William Blair initiated coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They issued an “outperform” rating for the company. Oppenheimer reissued an “outperform” rating and set a $135.00 target price on shares of Modine Manufacturing in a research report on Thursday, September 12th. Finally, 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 report on Thursday, August 1st. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Modine Manufacturing currently has an average rating of “Moderate Buy” and an average price target of $138.33.

Modine Manufacturing Price Performance

NYSE MOD opened at $115.42 on Wednesday. Modine Manufacturing has a 1 year low of $38.50 and a 1 year high of $123.92. The company has a fifty day simple moving average of $107.97 and a 200 day simple moving average of $100.15. The company has a current ratio of 1.80, a quick ratio of 1.11 and a debt-to-equity ratio of 0.51. The company has a market cap of $6.05 billion, a P/E ratio of 38.09, a P/E/G ratio of 0.83 and a beta of 2.22.

Modine Manufacturing (NYSE:MOD) last released its quarterly 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 during 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 business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 earnings per share. On average, sell-side analysts predict that Modine Manufacturing will post 3.85 EPS for the current year.

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.