Nicholas Investment Partners LP Makes New Investment in Modine Manufacturing (NYSE:MOD)

Nicholas Investment Partners LP bought a new position in shares of Modine Manufacturing (NYSE:MODFree Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 81,304 shares of the auto parts company’s stock, valued at approximately $4,854,000. Nicholas Investment Partners LP owned approximately 0.16% of Modine Manufacturing at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Principal Securities Inc. bought a new stake in shares of Modine Manufacturing in the 4th quarter worth about $29,000. Nisa Investment Advisors LLC boosted its position in Modine Manufacturing by 51.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,172 shares of the auto parts company’s stock valued at $70,000 after acquiring an additional 400 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in 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 purchasing an additional 734 shares during the last quarter. AJOVista LLC bought a new stake in shares of Modine Manufacturing in the 4th quarter valued at about $133,000. Finally, Invst LLC purchased a new position in shares of Modine Manufacturing in the 4th quarter worth approximately $181,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

NYSE:MOD traded up $3.76 during trading hours on Wednesday, reaching $109.42. 628,376 shares of the company were exchanged, compared to its average volume of 938,431. The firm has a market cap of $5.71 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. The stock’s 50-day moving average is $93.51 and its 200-day moving average is $72.81. The company has a current ratio of 1.93, a quick ratio of 1.21 and a debt-to-equity ratio of 0.43. Modine Manufacturing has a twelve month low of $19.53 and a twelve month high of $109.53.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Analysis on Modine Manufacturing

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, CFO Michael B. Lucareli sold 82,312 shares of Modine Manufacturing 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 owns 194,587 shares of the company’s stock, valued at approximately $17,577,043.71. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Brian Jon Agen sold 16,799 shares of Modine Manufacturing stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $95.64, for a total transaction of $1,606,656.36. Following the transaction, the vice president now owns 102,409 shares in the company, valued at $9,794,396.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Michael B. Lucareli sold 82,312 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $90.33, for a total value of $7,435,242.96. Following the completion of the sale, the chief financial officer now owns 194,587 shares of the company’s stock, valued at $17,577,043.71. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,336 shares of company stock valued at $10,330,115. 2.86% of the stock is owned by corporate insiders.

Modine Manufacturing Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Modine Manufacturing (NYSE:MOD)

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