Cibc World Markets Corp Makes New $560,000 Investment in Modine Manufacturing (NYSE:MOD)

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

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

Remove Ads

Insider Transactions at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now owns 7,277 shares of the company's stock, valued at $578,012.11. The trade was a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, DA Davidson reissued a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday, March 17th.

Modine Manufacturing Stock Up 0.8 %

NYSE MOD traded up $0.71 during trading hours on Tuesday, hitting $93.53. 1,208,375 shares of the company traded hands, compared to its average volume of 883,423. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The business's 50-day moving average is $96.99 and its 200-day moving average is $115.87. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 31.39, a P/E/G ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a twelve month low of $72.49 and a twelve month high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. Sell-side analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its Board of Directors has approved a share buyback plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

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.