Easterly Investment Partners LLC Cuts Stake in Modine Manufacturing (NYSE:MOD)

Easterly Investment Partners LLC reduced its position in shares of Modine Manufacturing (NYSE:MOD) by 11.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,874 shares of the auto parts company’s stock after selling 1,786 shares during the quarter. Easterly Investment Partners LLC’s holdings in Modine Manufacturing were worth $1,842,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in shares of Modine Manufacturing during the first quarter valued at approximately $37,000. Opal Wealth Advisors LLC purchased a new stake in Modine Manufacturing during the 2nd quarter valued at $51,000. West Oak Capital LLC increased its holdings in shares of Modine Manufacturing by 300.0% in the 2nd quarter. West Oak Capital LLC now owns 600 shares of the auto parts company’s stock worth $60,000 after purchasing an additional 450 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of Modine Manufacturing in the second quarter worth $64,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Modine Manufacturing during the second quarter valued at $68,000. Institutional investors own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MOD shares. William Blair began coverage on Modine Manufacturing in a report on Monday, July 29th. They issued an “outperform” rating for the company. Oppenheimer lifted their price target on shares of Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. B. Riley increased their price objective on shares of Modine Manufacturing from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, DA Davidson lifted their target price on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $146.67.

Modine Manufacturing Trading Up 0.5 %

Modine Manufacturing stock opened at $127.95 on Friday. Modine Manufacturing has a 52-week low of $42.65 and a 52-week high of $141.72. The company has a market cap of $6.72 billion, a P/E ratio of 41.95, a P/E/G ratio of 0.96 and a beta of 2.25. The company has a quick ratio of 1.09, a current ratio of 1.77 and a debt-to-equity ratio of 0.41. The business has a 50-day simple moving average of $123.21 and a two-hundred day simple moving average of $109.74.

Modine Manufacturing (NYSE:MOD) last announced its earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.05. Modine Manufacturing had a net margin of 6.59% and a return on equity of 23.96%. The company had revenue of $658.00 million during the quarter, compared to analyst estimates of $646.86 million. During the same period in the previous year, the business posted $0.89 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. Analysts predict that Modine Manufacturing will post 3.83 EPS for the current year.

Insider Activity

In related news, Director Marsha C. Williams sold 34,400 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $109.74, for a total value of $3,775,056.00. Following the transaction, the director now directly owns 144,038 shares of the company’s stock, valued at approximately $15,806,730.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.40% of the company’s stock.

Modine Manufacturing Profile

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.