Modine Manufacturing (NYSE:MOD) Stake Reduced by Verition Fund Management LLC

Verition Fund Management LLC trimmed its stake in Modine Manufacturing (NYSE:MOD) by 97.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,350 shares of the auto parts company’s stock after selling 96,089 shares during the quarter. Verition Fund Management LLC’s holdings in Modine Manufacturing were worth $312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MOD. West Oak Capital LLC lifted its position in Modine Manufacturing by 300.0% in the 2nd quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock valued at $60,000 after purchasing an additional 450 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of Modine Manufacturing during the second quarter worth approximately $64,000. DekaBank Deutsche Girozentrale bought a new position in Modine Manufacturing in the 2nd quarter worth approximately $68,000. Private Trust Co. NA increased its position in Modine Manufacturing by 650.5% in the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock valued at $103,000 after acquiring an additional 670 shares during the period. Finally, Farther Finance Advisors LLC increased its position in Modine Manufacturing by 90.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company’s stock valued at $137,000 after acquiring an additional 491 shares during the period. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 3.0 %

Shares of Modine Manufacturing stock opened at $132.08 on Friday. The business has a fifty day simple moving average of $130.36 and a 200-day simple moving average of $115.63. Modine Manufacturing has a fifty-two week low of $54.35 and a fifty-two week high of $146.84. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 43.31, a price-to-earnings-growth ratio of 1.01 and a beta of 2.31. The company has a quick ratio of 1.09, a current ratio of 1.77 and a debt-to-equity ratio of 0.41.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Oppenheimer increased their price target on Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. DA Davidson boosted their price target on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $146.67.

About Modine Manufacturing

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.