Public Employees Retirement System of Ohio Invests $9.11 Million in Modine Manufacturing Company $MOD

Public Employees Retirement System of Ohio bought a new stake in shares of Modine Manufacturing Company (NYSE:MOD) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,105 shares of the auto parts company’s stock, valued at approximately $9,107,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MOD. BlackRock Inc. purchased a new stake in shares of Modine Manufacturing in the 2nd quarter worth about $765,540,000. Paradigm Capital Management Inc. NY purchased a new position in shares of Modine Manufacturing during the second quarter valued at about $388,140,000. Invesco Ltd. raised its stake in Modine Manufacturing by 120.4% in the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock worth $176,037,000 after buying an additional 720,389 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Modine Manufacturing by 31.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,333,174 shares of the auto parts company’s stock worth $311,503,000 after buying an additional 560,131 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Modine Manufacturing by 2,249.9% in the first quarter. Janus Henderson Group PLC now owns 523,507 shares of the auto parts company’s stock worth $113,459,000 after buying an additional 501,229 shares during the period. Institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Up 0.9%

NYSE:MOD opened at $179.15 on Tuesday. The firm has a market capitalization of $9.51 billion, a P/E ratio of 67.35, a PEG ratio of 0.58 and a beta of 1.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.04 and a quick ratio of 1.22. Modine Manufacturing Company has a one year low of $111.18 and a one year high of $323.25. The company’s 50-day simple moving average is $219.73 and its 200 day simple moving average is $235.25.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Wednesday, July 29th. The auto parts company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $878.69 million. During the same quarter last year, the firm earned $0.95 earnings per share. The business’s revenue for the quarter was up 28.0% on a year-over-year basis. As a group, analysts forecast that Modine Manufacturing Company will post 7.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MOD has been the topic of several research reports. Glj Research reaffirmed a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a research report on Monday, June 1st. Oppenheimer raised their target price on Modine Manufacturing from $271.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, May 28th. B. Riley Financial restated a “buy” rating and set a $305.00 price target (down from $340.00) on shares of Modine Manufacturing in a research report on Thursday, July 30th. DA Davidson reaffirmed a “buy” rating and issued a $330.00 price target on shares of Modine Manufacturing in a research note on Monday, June 22nd. Finally, KeyCorp decreased their price objective on Modine Manufacturing from $370.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $320.14.

Insider Buying and Selling

In related news, insider Eric S. Mcginnis sold 1,020 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $295.06, for a total transaction of $300,961.20. Following the completion of the transaction, the insider owned 28,364 shares of the company’s stock, valued at $8,369,081.84. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric D. Ashleman sold 15,000 shares of Modine Manufacturing stock in a transaction on 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 transaction, the director owned 42,350 shares of the company’s stock, valued at $12,219,669. The trade was a 26.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 54,302 shares of company stock worth $15,928,759 in the last 90 days. Insiders own 1.92% of the company’s stock.

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.