Artisan Partners Limited Partnership Grows Stock Holdings in Modine Manufacturing (NYSE:MOD)

Artisan Partners Limited Partnership boosted its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 22.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 575,223 shares of the auto parts company's stock after buying an additional 106,033 shares during the quarter. Artisan Partners Limited Partnership owned approximately 1.09% of Modine Manufacturing worth $66,686,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake 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 valued at $157,000 after buying an additional 82 shares during the period. Arizona State Retirement System increased its holdings in Modine Manufacturing by 0.8% during the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock valued at $1,675,000 after buying an additional 118 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after buying an additional 136 shares during the period. Signaturefd LLC lifted its holdings in Modine Manufacturing by 6.0% during the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after buying an additional 157 shares during the period. Finally, Truist Financial Corp lifted its holdings in Modine Manufacturing by 0.5% during the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock worth $3,973,000 after buying an additional 159 shares during the period. 95.23% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

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

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock traded up $3.39 on Tuesday, reaching $80.14. The company's stock had a trading volume of 1,003,935 shares, compared to its average volume of 913,018. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $4.21 billion, a P/E ratio of 26.89, a PEG ratio of 0.71 and a beta of 2.48. The stock has a 50-day moving average price of $91.67 and a 200-day moving average price of $115.03. Modine Manufacturing has a 52-week low of $72.49 and a 52-week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) 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%. Analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its board has initiated a share buyback program on Friday, March 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares of the company's stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.40% of the stock is owned by company insiders.

Modine Manufacturing Company 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.