The unanimous institutional selling, particularly Congress Asset Management's near-total exit of a $168M stake, signals deteriorating conviction among active managers. Monitor upcoming 10-Q for fundamental deterioration and watch for insider buying as a potential contrarian signal.
Executive Summary
Four institutional sellers reduced positions in MOD during Q3 2026, with Congress Asset Management executing a near-total exit of its $168M stake. The aggregate net selling of $169.4M represents a strong bearish signal from active asset managers, though the 45-day reporting lag means positions may have been adjusted since quarter-end.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$169.4M
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Congress Asset Management | NEAR_EXIT | -99.1% | $168.0M | -$167.0M |
| Td Waterhouse Canada | TRIM | -44.2% | $55.0K | -$31.0K |
| Nisa Investment Advisors | TRIM | -52.8% | $422.0K | -$283.0K |
| Assetmark | TRIM | -68.6% | $2.7M | -$2.1M |
Key Facts
- 4 institutions sold a net $169.4M in MOD during Q3 2026
- Congress Asset Management exited 99.1% of its position, reducing from $168M to $1M
- No institutional buyers were identified in the cluster
- All sellers are active asset managers, not passive/index funds
- 13F data is 45+ days stale; current positions may differ
Financial Impact
4 active asset managers sold a net $169.4M in MOD shares, led by Congress Asset Management's near-complete exit of a $168M position. The remaining three sellers trimmed smaller holdings totaling $2.4M.
Risk Factors
- 13F data is 45+ days stale; sellers may have re-entered or reversed positions since quarter-end
- No insider buying confluence to corroborate the bearish signal
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-MOD-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $134.82 | awaiting T+1 | awaiting T+1 | No price |
Oct 21, 2026 6d ago | Institutional Cluster | $135.17 $133.34 | ▲ +1.35% | ▲ +0.83% | No price |
Oct 21, 2026 6d ago | Press Release | $149.78 $135.17 | ▼ −9.75% | ▼ −8.57% | No price |
Oct 13, 2026 14d ago | DEF 14A | $172.57 $157.75 | ▼ −8.59% | ▼ −7.51% | No price |
Oct 1, 2026 26d ago | 8-K | $178.20 $182.91 | ▲ +2.64% | ▲ +1.97% | No price |
Sep 17, 2026 5w ago | 425 | $188.72 $197.62 | ▲ +4.72% | ▲ +3.17% | No price |
Sep 17, 2026 5w ago | 8-K | $188.72 $197.62 | ▲ +4.72% | ▲ +3.17% | No price |
Aug 4, 2026 12w ago | Institutional Cluster | $194.61 $192.52 | ▼ −1.07% | ▼ −0.91% | No price |
Jul 31, 2026 12w ago | 425 | $201.06 $195.92 | ▼ −2.56% | ▼ −3.98% | No price |
Jul 29, 2026 12w ago | 8-K | $193.91 $201.06 | ▲ +3.69% | ▲ +2.98% | No price |
US Market Status
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