Polymer Capital Management HK LTD Acquires New Shares in Modine Manufacturing Company $MOD

Polymer Capital Management HK LTD acquired a new position in Modine Manufacturing Company (NYSE:MOD) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,442 shares of the auto parts company’s stock, valued at approximately $8,663,000. Polymer Capital Management HK LTD owned approximately 0.06% of Modine Manufacturing at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Modine Manufacturing by 26.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,223 shares of the auto parts company’s stock valued at $2,857,000 after buying an additional 7,831 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Modine Manufacturing by 8.3% during the 2nd quarter. California Public Employees Retirement System now owns 68,702 shares of the auto parts company’s stock worth $6,767,000 after acquiring an additional 5,244 shares in the last quarter. State Street Corp increased its holdings in shares of Modine Manufacturing by 4.2% during the 2nd quarter. State Street Corp now owns 1,309,488 shares of the auto parts company’s stock valued at $128,985,000 after acquiring an additional 53,351 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Modine Manufacturing by 106.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,319 shares of the auto parts company’s stock valued at $15,890,000 after acquiring an additional 83,105 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Modine Manufacturing by 70.8% in the 2nd quarter. Sei Investments Co. now owns 309,653 shares of the auto parts company’s stock valued at $30,501,000 after acquiring an additional 128,348 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, insider Eric S. Mcginnis sold 1,020 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $295.06, for a total value of $300,961.20. Following the completion of the sale, the insider directly owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Brian Jon Agen sold 38,282 shares of Modine Manufacturing stock in a transaction dated 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 approximately $19,582,463.31. This trade represents 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. Insiders sold a total of 54,302 shares of company stock valued at $15,928,759 in the last ninety days. Company insiders own 1.92% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MOD shares. DA Davidson restated a “buy” rating and issued a $330.00 target price on shares of Modine Manufacturing in a report on Monday, June 22nd. Wall Street Zen downgraded Modine Manufacturing from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Weiss Ratings raised shares of Modine Manufacturing from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. B. Riley Financial restated a “buy” rating and issued a $305.00 price objective (down from $340.00) on shares of Modine Manufacturing in a research note on Thursday, July 30th. Finally, Oppenheimer upped their price objective on shares of Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Modine Manufacturing has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Modine Manufacturing Price Performance

Shares of NYSE:MOD opened at $198.03 on Monday. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 74.45, a PEG ratio of 0.65 and a beta of 1.71. The business has a 50 day moving average price of $232.44 and a 200 day moving average price of $236.31. The company has a quick ratio of 1.22, a current ratio of 2.04 and a debt-to-equity ratio of 0.39. Modine Manufacturing Company has a twelve month low of $111.18 and a twelve month high of $323.25.

Modine Manufacturing (NYSE:MOD) last issued its quarterly earnings results on Wednesday, July 29th. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.27 by $0.26. Modine Manufacturing had a return on equity of 25.59% and a net margin of 4.28%.The company had revenue of $874.10 million for the quarter, compared to the consensus estimate of $878.69 million. During the same period in the previous year, the business posted $0.95 EPS. The company’s revenue for the quarter was up 28.0% on a year-over-year basis. Research analysts predict that Modine Manufacturing Company will post 7.65 earnings per share for the current year.

About Modine Manufacturing

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.