Jennison Associates LLC Sells 639 Shares of Modine Manufacturing (NYSE:MOD)

Jennison Associates LLC lessened its holdings in Modine Manufacturing (NYSE:MOD) by 9.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,273 shares of the auto parts company’s stock after selling 639 shares during the quarter. Jennison Associates LLC’s holdings in Modine Manufacturing were worth $833,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Modine Manufacturing by 27.3% in the 1st quarter. Vanguard Group Inc. now owns 3,909,016 shares of the auto parts company’s stock valued at $372,099,000 after buying an additional 838,460 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in Modine Manufacturing by 32.8% during the second quarter. Driehaus Capital Management LLC now owns 1,101,932 shares of the auto parts company’s stock worth $110,403,000 after acquiring an additional 272,174 shares in the last quarter. Emerald Advisers LLC acquired a new position in Modine Manufacturing during the second quarter valued at approximately $26,064,000. Public Employees Retirement Association of Colorado grew its stake in Modine Manufacturing by 4,215.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 260,547 shares of the auto parts company’s stock valued at $26,104,000 after purchasing an additional 254,510 shares in the last quarter. Finally, F M Investments LLC acquired a new position in shares of Modine Manufacturing during the 2nd quarter worth approximately $22,600,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

Shares of MOD opened at $143.22 on Friday. The company’s 50-day moving average is $128.14 and its 200-day moving average is $112.35. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.77 and a quick ratio of 1.09. The firm has a market capitalization of $7.52 billion, a PE ratio of 46.96, a PEG ratio of 1.08 and a beta of 2.25. Modine Manufacturing has a fifty-two week low of $48.88 and a fifty-two week high of $144.02.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. Modine Manufacturing had a net margin of 6.59% and a return on equity of 23.96%. The firm had revenue of $658.00 million for the quarter, compared to analysts’ expectations of $646.86 million. During the same period in the prior year, the firm earned $0.89 EPS. The business’s revenue was up 6.0% on a year-over-year basis. Equities analysts forecast that Modine Manufacturing will post 3.83 EPS for the current year.

Analysts Set New Price Targets

MOD has been the subject of several recent analyst reports. B. Riley increased their price objective on Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Oppenheimer lifted their price objective on shares of Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. William Blair initiated coverage on shares of Modine Manufacturing in a research note on Monday, July 29th. They set an “outperform” rating on the stock. Finally, DA Davidson raised their target price on shares of Modine Manufacturing from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $146.67.

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.