Fred Alger Management LLC Sells 20,278 Shares of Modine Manufacturing (NYSE:MOD)

Fred Alger Management LLC cut its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 5.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,562 shares of the auto parts company's stock after selling 20,278 shares during the period. Fred Alger Management LLC owned approximately 0.67% of Modine Manufacturing worth $46,418,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MOD. Opal Wealth Advisors LLC bought a new stake in shares of Modine Manufacturing during the 2nd quarter worth about $51,000. West Oak Capital LLC boosted its position in Modine Manufacturing by 300.0% during the second 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 period. Fifth Third Bancorp acquired a new position in Modine Manufacturing during the second quarter valued at approximately $64,000. DekaBank Deutsche Girozentrale bought a new position in shares of Modine Manufacturing in the second quarter valued at approximately $68,000. Finally, Private Trust Co. NA raised its position in shares of Modine Manufacturing by 650.5% in the third quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock valued at $103,000 after purchasing an additional 670 shares during the period. 95.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MOD has been the subject of several recent analyst reports. DA Davidson upped their price objective on shares of Modine Manufacturing from $140.00 to $155.00 and gave the stock a "buy" rating in a report on Tuesday, September 24th. Oppenheimer upped their price target on shares of Modine Manufacturing from $144.00 to $145.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $146.67.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock traded up $2.42 during midday trading on Friday, hitting $135.79. The company had a trading volume of 233,918 shares, compared to its average volume of 843,533. Modine Manufacturing has a 1-year low of $48.88 and a 1-year high of $146.84. The business's 50 day simple moving average is $129.70 and its two-hundred day simple moving average is $113.39. The stock has a market cap of $7.13 billion, a PE ratio of 44.57, a P/E/G ratio of 1.02 and a beta of 2.25. 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 - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.05. The company had revenue of $658.00 million for the quarter, compared to analyst estimates of $646.86 million. Modine Manufacturing had a net margin of 6.59% and a return on equity of 23.96%. The business's quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the business posted $0.89 EPS. As a group, equities analysts predict that Modine Manufacturing will post 3.83 EPS for the current fiscal year.

Modine Manufacturing Company 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.