Lazard Asset Management LLC Invests $1.72 Million in Modine Manufacturing Company $MOD

Lazard Asset Management LLC acquired a new position in Modine Manufacturing Company (NYSE:MOD) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,945 shares of the auto parts company’s stock, valued at approximately $1,722,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new stake in shares of Modine Manufacturing in the 1st quarter worth $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Modine Manufacturing during the fourth quarter valued at $25,000. Spire Wealth Management bought a new position in Modine Manufacturing during the 4th quarter valued at about $27,000. Sunbelt Securities Inc. purchased a new stake in shares of Modine Manufacturing during the 3rd quarter valued at about $39,000. Finally, Danske Bank A S bought a new stake in shares of Modine Manufacturing in the third quarter worth approximately $43,000. 95.23% of the stock is owned by institutional investors.

Insider Activity at Modine Manufacturing

In related news, Director Eric D. Ashleman sold 15,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $288.54, for a total value of $4,328,100.00. Following the completion of the transaction, the director owned 42,350 shares of the company’s stock, valued at approximately $12,219,669. This trade represents a 26.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brian Jon Agen sold 38,282 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total value of $11,299,697.94. Following the sale, the vice president directly owned 66,343 shares in the company, valued at $19,582,463.31. The trade was a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 54,302 shares of company stock valued at $15,928,759. Insiders own 1.92% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MOD. Weiss Ratings raised shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, May 28th. KeyCorp cut their target price on shares of Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. B. Riley Financial reissued a “buy” rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a report on Thursday, July 30th. Finally, Oppenheimer raised their price target on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $320.14.

Modine Manufacturing Trading Down 2.5%

Shares of MOD opened at $196.09 on Tuesday. The stock has a market capitalization of $10.41 billion, a PE ratio of 73.72, a P/E/G ratio of 0.66 and a beta of 1.71. The company’s fifty day moving average is $255.81 and its 200 day moving average is $231.46. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.22 and a current ratio of 2.04. Modine Manufacturing Company has a fifty-two week low of $111.18 and a fifty-two week high of $323.25.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, July 28th. The auto parts company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a net margin of 4.28% and a return on equity of 25.59%. The business had revenue of $874.10 million during the quarter, compared to analyst estimates of $878.69 million. During the same quarter last year, the business earned $0.95 earnings per share. Modine Manufacturing’s quarterly revenue was up 28.0% compared to the same quarter last year. Sell-side analysts expect that Modine Manufacturing Company will post 7.63 earnings per share for the current fiscal year.

Modine Manufacturing 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.