Peregrine Capital Management LLC Sells 15,192 Shares of Modine Manufacturing Company $MOD

Peregrine Capital Management LLC decreased its holdings in Modine Manufacturing Company (NYSE:MOD) by 16.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,869 shares of the auto parts company’s stock after selling 15,192 shares during the quarter. Modine Manufacturing accounts for approximately 0.6% of Peregrine Capital Management LLC’s holdings, making the stock its 29th biggest holding. Peregrine Capital Management LLC’s holdings in Modine Manufacturing were worth $16,225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in shares of Modine Manufacturing by 4.7% during the 4th quarter. Wellington Management Group LLP now owns 2,879,299 shares of the auto parts company’s stock valued at $384,415,000 after acquiring an additional 130,511 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position 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 purchasing an additional 560,131 shares in the last quarter. Wasatch Advisors LP lifted its stake in Modine Manufacturing by 1.4% during the second quarter. Wasatch Advisors LP now owns 1,792,413 shares of the auto parts company’s stock worth $176,553,000 after purchasing an additional 23,955 shares during the period. Capital Research Global Investors boosted its holdings in Modine Manufacturing by 13.8% during the fourth quarter. Capital Research Global Investors now owns 1,478,224 shares of the auto parts company’s stock valued at $197,358,000 after purchasing an additional 179,617 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Modine Manufacturing by 120.4% during the fourth quarter. Invesco Ltd. now owns 1,318,529 shares of the auto parts company’s stock valued at $176,037,000 after purchasing an additional 720,389 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock opened at $267.39 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 1.25 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $14.12 billion, a price-to-earnings ratio of 119.37, a P/E/G ratio of 0.83 and a beta of 1.65. Modine Manufacturing Company has a 1-year low of $86.48 and a 1-year high of $323.25. The firm’s 50-day moving average price is $271.18 and its two-hundred day moving average price is $215.74.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, May 26th. The auto parts company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.20. Modine Manufacturing had a net margin of 3.82% and a return on equity of 24.39%. The company had revenue of $954.40 million during the quarter, compared to analyst estimates of $920.67 million. During the same quarter last year, the business posted $1.12 earnings per share. The company’s revenue was up 47.5% on a year-over-year basis. On average, equities analysts predict that Modine Manufacturing Company will post 7.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Brian Jon Agen sold 38,282 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $295.17, for a total transaction of $11,299,697.94. Following the completion of the sale, the vice president directly owned 66,343 shares of the company’s stock, valued at $19,582,463.31. This trade represents a 36.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric D. Ashleman sold 15,000 shares of the firm’s 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 sale, the director directly owned 42,350 shares of the company’s stock, valued at $12,219,669. This represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,302 shares of company stock worth $15,928,759 in the last three months. Insiders own 2.48% of the company’s stock.

Wall Street Analysts Forecast Growth

MOD has been the topic of several analyst reports. DA Davidson reiterated a “buy” rating and issued a $330.00 price objective on shares of Modine Manufacturing in a research note on Monday, June 22nd. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. KeyCorp upped their price target on Modine Manufacturing from $250.00 to $370.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Oppenheimer increased their price objective on Modine Manufacturing from $271.00 to $325.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. Finally, Glj Research reissued a “buy” rating and set a $428.00 price objective on shares of Modine Manufacturing in a report on Monday, June 1st. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $327.14.

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.