Bank of America Corp DE reduced its position in shares of Modine Manufacturing Co. (NYSE:MOD) by 15.8% in the 2nd quarter, Holdings Channel reports. The firm owned 190,634 shares of the auto parts company’s stock after selling 35,643 shares during the quarter. Bank of America Corp DE’s holdings in Modine Manufacturing were worth $3,479,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB acquired a new stake in Modine Manufacturing during the 2nd quarter worth approximately $215,000. Jane Street Group LLC acquired a new stake in Modine Manufacturing during the 1st quarter worth approximately $235,000. Trexquant Investment LP lifted its holdings in Modine Manufacturing by 124.4% during the 2nd quarter. Trexquant Investment LP now owns 23,001 shares of the auto parts company’s stock worth $420,000 after purchasing an additional 12,749 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Modine Manufacturing during the 2nd quarter worth approximately $475,000. Finally, Engineers Gate Manager LP acquired a new stake in Modine Manufacturing during the 2nd quarter worth approximately $484,000. 87.36% of the stock is owned by institutional investors and hedge funds.
MOD has been the subject of several research reports. ValuEngine cut Modine Manufacturing from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 12th. Zacks Investment Research raised Modine Manufacturing from a “sell” rating to a “hold” rating in a report on Thursday, October 4th.
NYSE:MOD opened at $13.75 on Friday. The company has a market cap of $594.10 million, a P/E ratio of 8.93 and a beta of 1.52. The company has a quick ratio of 0.85, a current ratio of 1.23 and a debt-to-equity ratio of 0.76. Modine Manufacturing Co. has a 1-year low of $11.55 and a 1-year high of $25.75.
Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, October 30th. The auto parts company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.11. The business had revenue of $548.90 million during the quarter, compared to analysts’ expectations of $516.95 million. Modine Manufacturing had a return on equity of 16.89% and a net margin of 2.27%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the firm posted $0.36 EPS. As a group, equities research analysts forecast that Modine Manufacturing Co. will post 1.52 earnings per share for the current year.
Modine Manufacturing declared that its Board of Directors has authorized a stock buyback plan on Tuesday, October 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Modine Manufacturing news, Director Suresh V. Garimella sold 14,181 shares of Modine Manufacturing stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $17.65, for a total value of $250,294.65. Following the completion of the transaction, the director now directly owns 40,135 shares of the company’s stock, valued at approximately $708,382.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.48% of the stock is owned by insiders.
Modine Manufacturing Profile
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 primarily in the United States. The company operates through Americas, Europe, Asia, Commercial and Industrial Solutions, and Building HVAC segments.
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