Victory Capital Management Inc. Reduces Stake in Modine Manufacturing (NYSE:MOD)

Victory Capital Management Inc. lessened its stake in Modine Manufacturing (NYSE:MOD) by 32.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 586,598 shares of the auto parts company’s stock after selling 278,913 shares during the quarter. Victory Capital Management Inc. owned approximately 1.12% of Modine Manufacturing worth $35,020,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MOD. SummerHaven Investment Management LLC raised its stake in shares of Modine Manufacturing by 0.9% during the 4th quarter. SummerHaven Investment Management LLC now owns 20,895 shares of the auto parts company’s stock valued at $1,247,000 after purchasing an additional 192 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Modine Manufacturing by 51.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,172 shares of the auto parts company’s stock worth $70,000 after buying an additional 400 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Modine Manufacturing by 3.3% in the fourth quarter. Jennison Associates LLC now owns 15,233 shares of the auto parts company’s stock valued at $909,000 after acquiring an additional 493 shares during the period. PNC Financial Services Group Inc. grew its stake in Modine Manufacturing by 49.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,206 shares of the auto parts company’s stock valued at $101,000 after acquiring an additional 734 shares in the last quarter. Finally, Strs Ohio increased its holdings in Modine Manufacturing by 28.6% during the 4th quarter. Strs Ohio now owns 3,600 shares of the auto parts company’s stock worth $214,000 after acquiring an additional 800 shares during the period. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Analyst Upgrades and Downgrades

MOD has been the topic of several research analyst reports. B. Riley reaffirmed a “buy” rating and issued a $98.00 price target (up previously from $88.00) on shares of Modine Manufacturing in a report on Tuesday, February 27th. Oppenheimer started coverage on Modine Manufacturing in a report on Tuesday, March 19th. They set an “outperform” rating and a $105.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and issued a $90.00 target price on shares of Modine Manufacturing in a research note on Tuesday, February 27th. Finally, StockNews.com cut shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $97.67.

Modine Manufacturing Stock Up 7.2 %

Shares of MOD opened at $100.92 on Tuesday. The firm has a market cap of $5.27 billion, a P/E ratio of 23.80, a P/E/G ratio of 0.72 and a beta of 2.28. Modine Manufacturing has a 1 year low of $19.53 and a 1 year high of $106.01. The stock has a 50 day simple moving average of $91.81 and a two-hundred day simple moving average of $70.10. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.93 and a quick ratio of 1.21.

Insider Activity

In other news, Director Christopher William Patterson sold 14,225 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $90.56, for a total value of $1,288,216.00. Following the completion of the sale, the director now owns 97,517 shares of the company’s stock, valued at approximately $8,831,139.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Christopher William Patterson sold 14,225 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $90.56, for a total value of $1,288,216.00. Following the completion of the sale, the director now owns 97,517 shares of the company’s stock, valued at approximately $8,831,139.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael B. Lucareli sold 82,312 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $90.33, for a total transaction of $7,435,242.96. Following the sale, the chief financial officer now directly owns 194,587 shares of the company’s stock, valued at approximately $17,577,043.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,336 shares of company stock valued at $10,330,115. Corporate insiders own 2.86% of the company’s stock.

About Modine Manufacturing

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on- and off-highway original equipment manufacturer (OEM) vehicular applications. It operates through Climate Solutions and Performance Technologies segments. The company offers gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; perimeter heating products, such as commercial fin-tube radiation, cabinet unit heaters, and convectors; roof-mounted direct- and indirect-fired makeup air units; unit ventilators; single packaged vertical units; precision air conditioning units for data center applications; air handler units; fan walls; chillers; ceiling cassettes; hybrid fan coils; and condensers and condensing units.