Principal Financial Group Inc. Increases Stock Position in Modine Manufacturing (NYSE:MOD)

Principal Financial Group Inc. boosted its position in shares of Modine Manufacturing (NYSE:MOD) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,152,735 shares of the auto parts company’s stock after purchasing an additional 26,527 shares during the period. Principal Financial Group Inc. owned approximately 2.20% of Modine Manufacturing worth $153,072,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in shares of Modine Manufacturing during the first quarter valued at about $37,000. Opal Wealth Advisors LLC acquired a new stake in Modine Manufacturing during the 2nd quarter valued at approximately $51,000. West Oak Capital LLC increased its holdings in Modine Manufacturing by 300.0% during 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 during the last quarter. Fifth Third Bancorp purchased a new stake in Modine Manufacturing during the 2nd quarter worth approximately $64,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Modine Manufacturing in the 2nd quarter valued at approximately $68,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. DA Davidson raised their price target 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. William Blair initiated coverage on shares of Modine Manufacturing in a research report on Monday, July 29th. They issued an “outperform” rating for the company. Oppenheimer upped their target price on shares of Modine Manufacturing from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, B. Riley lifted their price target on Modine Manufacturing from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Modine Manufacturing currently has an average rating of “Moderate Buy” and a consensus target price of $146.67.

Modine Manufacturing Stock Up 1.9 %

MOD stock opened at $127.37 on Friday. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 41.76, a PEG ratio of 0.84 and a beta of 2.25. Modine Manufacturing has a 1-year low of $41.71 and a 1-year high of $141.72. The firm has a fifty day moving average price of $122.85 and a two-hundred day moving average price of $109.33. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.77 and a quick ratio of 1.09.

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

Insider Buying and Selling

In related news, Director Marsha C. Williams sold 34,400 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $109.74, for a total transaction of $3,775,056.00. Following the completion of the transaction, the director now directly owns 144,038 shares in the company, valued at $15,806,730.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.