Summit Partners Public Asset Management LLC Invests $31.96 Million in Modine Manufacturing (NYSE:MOD)

Summit Partners Public Asset Management LLC purchased a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 240,692 shares of the auto parts company's stock, valued at approximately $31,961,000. Modine Manufacturing makes up about 1.0% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 24th biggest position. Summit Partners Public Asset Management LLC owned 0.46% of Modine Manufacturing as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. SG Americas Securities LLC grew its position in shares of Modine Manufacturing by 311.1% during the second quarter. SG Americas Securities LLC now owns 32,128 shares of the auto parts company's stock worth $3,219,000 after purchasing an additional 24,312 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Modine Manufacturing by 90.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,031 shares of the auto parts company's stock valued at $137,000 after buying an additional 491 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Modine Manufacturing by 58.0% during the third quarter. Harbor Capital Advisors Inc. now owns 69,839 shares of the auto parts company's stock valued at $9,274,000 after buying an additional 25,648 shares during the last quarter. Fred Alger Management LLC lifted its holdings in shares of Modine Manufacturing by 5.1% in the second quarter. Fred Alger Management LLC now owns 369,840 shares of the auto parts company's stock worth $37,054,000 after buying an additional 17,889 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of 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 acquiring an additional 4,206 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. DA Davidson lifted their price target on shares of Modine Manufacturing from $140.00 to $155.00 and gave the company a "buy" rating in a report on Tuesday, September 24th. Oppenheimer boosted their target price on Modine Manufacturing from $144.00 to $145.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Finally, B. Riley raised their price target on Modine Manufacturing from $125.00 to $140.00 and gave the company a "buy" rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Modine Manufacturing has an average rating of "Moderate Buy" and a consensus target price of $146.67.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock traded up $2.56 during trading hours on Friday, reaching $135.93. The company's stock had a trading volume of 233,916 shares, compared to its average volume of 843,533. 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 has a one year low of $48.88 and a one year high of $146.84. The firm has a 50 day moving average price of $129.70 and a 200-day moving average price of $113.39. The stock has a market cap of $7.14 billion, a P/E ratio of 44.57, a P/E/G ratio of 1.02 and a beta of 2.25.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The auto parts company reported $0.97 earnings per share 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 analysts' expectations of $646.86 million. Modine Manufacturing had a return on equity of 23.96% and a net margin of 6.59%. The firm's revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.89 earnings per share. On average, analysts predict that Modine Manufacturing will post 3.83 EPS 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.