Mitsubishi UFJ Asset Management Co. Ltd. Reduces Holdings in Modine Manufacturing (NYSE:MOD)

Mitsubishi UFJ Asset Management Co. Ltd. lowered its holdings in shares of Modine Manufacturing (NYSE:MOD) by 54.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,424 shares of the auto parts company’s stock after selling 12,243 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Modine Manufacturing were worth $604,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of MOD. Principal Securities Inc. purchased a new stake in Modine Manufacturing during the 4th quarter worth about $29,000. Nisa Investment Advisors LLC grew its holdings in shares of Modine Manufacturing by 51.8% during 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. PNC Financial Services Group Inc. raised its position in shares of Modine Manufacturing by 49.9% in 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 buying an additional 734 shares during the last quarter. AJOVista LLC purchased a new position in shares of Modine Manufacturing during the fourth quarter valued at approximately $133,000. Finally, Invst LLC acquired a new stake in Modine Manufacturing during the fourth quarter worth approximately $181,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Trading Down 4.5 %

Shares of MOD stock opened at $96.93 on Thursday. The company has a quick ratio of 1.21, a current ratio of 1.93 and a debt-to-equity ratio of 0.43. Modine Manufacturing has a fifty-two week low of $19.53 and a fifty-two week high of $109.53. The firm’s 50 day moving average price is $95.62 and its two-hundred day moving average price is $75.19. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 31.99, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, May 21st. The auto parts company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.02). The business had revenue of $603.50 million for the quarter, compared to analyst estimates of $605.44 million. Modine Manufacturing had a net margin of 6.71% and a return on equity of 25.33%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 EPS. On average, analysts anticipate that Modine Manufacturing will post 3.86 EPS for the current year.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MOD. DA Davidson reiterated a “buy” rating and issued a $90.00 price target on shares of Modine Manufacturing in a report on Tuesday, February 27th. Oppenheimer initiated coverage on Modine Manufacturing in a research note on Tuesday, March 19th. They issued an “outperform” rating and a $105.00 target price for the company. B. Riley reissued a “buy” rating and issued a $98.00 price target (up from $88.00) on shares of Modine Manufacturing in a research note on Tuesday, February 27th. Finally, StockNews.com downgraded shares of Modine Manufacturing from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.67.

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.