Franklin Resources Inc. Grows Holdings in Modine Manufacturing (NYSE:MOD)

Franklin Resources Inc. grew its stake in shares of Modine Manufacturing (NYSE:MOD) by 33.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 266,731 shares of the auto parts company’s stock after buying an additional 66,484 shares during the period. Franklin Resources Inc.’s holdings in Modine Manufacturing were worth $35,550,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. FMR LLC raised its position in Modine Manufacturing by 14.0% during the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock valued at $586,657,000 after purchasing an additional 543,419 shares in the last quarter. State Street Corp increased its position in shares of Modine Manufacturing by 1.5% during the 3rd quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock valued at $161,993,000 after purchasing an additional 18,108 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Modine Manufacturing by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company’s stock valued at $155,522,000 after purchasing an additional 9,648 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Modine Manufacturing by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock valued at $153,072,000 after buying an additional 26,527 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in Modine Manufacturing by 32.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,101,932 shares of the auto parts company’s stock worth $110,403,000 after buying an additional 272,174 shares during the last quarter. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock opened at $117.66 on Thursday. 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 $56.62 and a one year high of $146.84. The business’s 50 day simple moving average is $129.96 and its two-hundred day simple moving average is $116.30. The stock has a market capitalization of $6.18 billion, a P/E ratio of 38.58, a price-to-earnings-growth ratio of 1.01 and a beta of 2.31.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, October 29th. The auto parts company reported $0.97 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 the consensus estimate of $646.86 million. Modine Manufacturing had a net margin of 6.59% and a return on equity of 23.96%. 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 earned $0.89 earnings per share. Analysts forecast that Modine Manufacturing will post 3.83 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer lifted their price target on shares of Modine Manufacturing from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. DA Davidson increased their target price 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. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $146.67.

About Modine Manufacturing

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.