Lord Abbett & CO. LLC Sells 14,919 Shares of Modine Manufacturing (NYSE:MOD)

Lord Abbett & CO. LLC decreased its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 388,640 shares of the auto parts company's stock after selling 14,919 shares during the quarter. Lord Abbett & CO. LLC owned about 0.74% of Modine Manufacturing worth $51,608,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MOD. Farther Finance Advisors LLC increased its holdings in Modine Manufacturing by 90.9% during the third quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company's stock worth $137,000 after buying an additional 491 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Modine Manufacturing by 58.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 69,839 shares of the auto parts company's stock worth $9,274,000 after purchasing an additional 25,648 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Modine Manufacturing by 5.1% in the 2nd quarter. Fred Alger Management LLC now owns 369,840 shares of the auto parts company's stock valued at $37,054,000 after purchasing an additional 17,889 shares during the period. Victory Capital Management Inc. lifted its stake in Modine Manufacturing by 20.1% in the 3rd quarter. Victory Capital Management Inc. now owns 157,200 shares of the auto parts company's stock valued at $20,875,000 after purchasing an additional 26,348 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in Modine Manufacturing by 15.8% during the third quarter. Raymond James & Associates now owns 30,812 shares of the auto parts company's stock worth $4,092,000 after purchasing an additional 4,206 shares during the period. Institutional investors own 95.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MOD. Oppenheimer upped their price objective on Modine Manufacturing from $144.00 to $145.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. DA Davidson raised their price target on Modine Manufacturing from $140.00 to $155.00 and gave the company a "buy" rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $146.67.

Modine Manufacturing Stock Performance

MOD stock traded up $3.85 during mid-day trading on Friday, hitting $132.07. 699,403 shares of the company were exchanged, compared to its average volume of 832,741. Modine Manufacturing has a 1-year low of $54.35 and a 1-year high of $146.84. The business has a 50 day simple moving average of $130.36 and a 200-day simple moving average of $115.73. The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $6.93 billion, a PE ratio of 43.30, a price-to-earnings-growth ratio of 1.01 and a beta of 2.31.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.05. The business had revenue of $658.00 million during the quarter, compared to the consensus estimate of $646.86 million. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The firm's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 EPS. On average, equities analysts forecast that Modine Manufacturing will post 3.83 earnings per share for the current year.

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.