State of New Jersey Common Pension Fund D Reduces Position in Modine Manufacturing Company $MOD

State of New Jersey Common Pension Fund D decreased its holdings in shares of Modine Manufacturing Company (NYSE:MOD) by 16.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,406 shares of the auto parts company’s stock after selling 3,440 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Modine Manufacturing were worth $2,474,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its position in Modine Manufacturing by 27.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,851 shares of the auto parts company’s stock valued at $263,000 after acquiring an additional 402 shares during the last quarter. Ameritas Advisory Services LLC lifted its position in shares of Modine Manufacturing by 32.8% during the third quarter. Ameritas Advisory Services LLC now owns 8,500 shares of the auto parts company’s stock worth $1,208,000 after purchasing an additional 2,097 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Modine Manufacturing during the third quarter valued at $207,000. Johnson Investment Counsel Inc. boosted its stake in shares of Modine Manufacturing by 24.8% during the third quarter. Johnson Investment Counsel Inc. now owns 3,457 shares of the auto parts company’s stock valued at $491,000 after purchasing an additional 686 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of Modine Manufacturing by 12.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 48,189 shares of the auto parts company’s stock worth $6,851,000 after purchasing an additional 5,319 shares during the last quarter. 95.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Modine Manufacturing news, CEO Neil David Brinker sold 31,871 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $160.56, for a total value of $5,117,207.76. Following the completion of the sale, the chief executive officer directly owned 238,312 shares in the company, valued at $38,263,374.72. This trade represents a 11.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Suresh V. Garimella sold 1,100 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $184.07, for a total value of $202,477.00. Following the transaction, the director directly owned 79,856 shares in the company, valued at approximately $14,699,093.92. The trade was a 1.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 34,071 shares of company stock worth $5,484,685. Insiders own 2.48% of the company’s stock.

Modine Manufacturing Stock Performance

Shares of NYSE:MOD opened at $226.50 on Friday. The firm has a 50 day moving average of $160.89 and a 200 day moving average of $152.22. The company has a quick ratio of 1.28, a current ratio of 2.19 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $11.94 billion, a price-to-earnings ratio of 125.84, a price-to-earnings-growth ratio of 1.38 and a beta of 1.71. Modine Manufacturing Company has a 52 week low of $64.79 and a 52 week high of $235.02.

Modine Manufacturing (NYSE:MOD) last announced its quarterly earnings results on Wednesday, February 4th. The auto parts company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. The business had revenue of $805.00 million for the quarter, compared to the consensus estimate of $763.54 million. Modine Manufacturing had a return on equity of 22.99% and a net margin of 3.40%.The business’s revenue was up 30.5% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. On average, sell-side analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Oppenheimer lifted their price objective on shares of Modine Manufacturing from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Zacks Research raised shares of Modine Manufacturing from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 30th. UBS Group initiated coverage on Modine Manufacturing in a research note on Thursday, November 20th. They issued a “buy” rating and a $173.00 price objective on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Modine Manufacturing in a report on Monday, December 29th. Finally, Wall Street Zen cut Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $223.20.

Modine Manufacturing Company Profile

Modine Manufacturing Company (NYSE:MOD) is a global provider of thermal management solutions serving automotive, commercial transportation, heavy-duty off-highway, industrial, HVAC and refrigeration markets. The company designs, manufactures, tests and markets a broad array of heat-transfer products that manage temperature and energy efficiency for engines, power electronics and building climate control systems.

Its product portfolio includes heat exchangers, condensers, radiators, evaporators, charge air coolers, fan systems and associated controls.