Cibc World Markets Corp Acquires New Position in Modine Manufacturing (NYSE:MOD)

Cibc World Markets Corp purchased a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,834 shares of the auto parts company's stock, valued at approximately $560,000.

Other hedge funds have also modified their holdings of the company. Skandinaviska Enskilda Banken AB publ raised its position in shares of Modine Manufacturing by 567.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after purchasing an additional 193 shares during the period. Principal Securities Inc. boosted its stake in shares of Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after acquiring an additional 269 shares during the period. Private Trust Co. NA grew its position in shares of Modine Manufacturing by 650.5% during the third quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock worth $103,000 after purchasing an additional 670 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock worth $157,000 after purchasing an additional 82 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in Modine Manufacturing in the 3rd quarter worth approximately $196,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Trading Down 7.0 %

MOD traded down $6.55 on Wednesday, hitting $86.68. The company had a trading volume of 1,075,689 shares, compared to its average volume of 885,048. The business's fifty day simple moving average is $96.99 and its 200 day simple moving average is $115.87. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a 12-month low of $72.49 and a 12-month high of $146.84. The company has a market cap of $4.56 billion, a PE ratio of 29.09, a PEG ratio of 0.71 and a beta of 2.48.

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Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. Equities research analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has approved a stock buyback plan on Friday, March 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now owns 7,277 shares in the company, valued at $578,012.11. This represents a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reaffirmed a "buy" rating and set a $155.00 target price on shares of Modine Manufacturing in a research note on Monday, March 17th.

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.