Charter Oak Advisors LP Makes New Investment in Modine Manufacturing (NYSE:MOD)

Charter Oak Advisors LP purchased a new stake in Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 53,011 shares of the auto parts company's stock, valued at approximately $6,146,000. Modine Manufacturing accounts for 3.5% of Charter Oak Advisors LP's holdings, making the stock its 9th largest position. Charter Oak Advisors LP owned about 0.10% of Modine Manufacturing as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC raised 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 purchasing an additional 82 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after acquiring an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of 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 worth $208,000 after purchasing an additional 136 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Modine Manufacturing by 2.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock worth $613,000 after buying an additional 146 shares during the period. Finally, Signaturefd LLC lifted its position in shares of Modine Manufacturing by 6.0% in the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock valued at $323,000 after acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Activity

In other news, Director William A. Wulfsohn acquired 2,530 shares of the firm's stock in a transaction on 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 owns 7,277 shares of the company's stock, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.40% of the company's stock.

Wall Street Analyst Weigh In

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

Modine Manufacturing Stock Performance

Shares of NYSE:MOD traded down $5.48 during trading on Monday, reaching $70.38. The stock had a trading volume of 241,381 shares, compared to its average volume of 935,824. 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 stock has a fifty day simple moving average of $82.55 and a two-hundred day simple moving average of $109.79. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly 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 return on equity of 24.25% and a net margin of 6.31%. As a group, analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

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

Modine Manufacturing 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.