Clearbridge Investments LLC Buys Shares of 163,291 Modine Manufacturing (NYSE:MOD)

Clearbridge Investments LLC purchased a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 163,291 shares of the auto parts company's stock, valued at approximately $18,930,000. Clearbridge Investments LLC owned approximately 0.31% of Modine Manufacturing as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Modine Manufacturing during the 4th quarter valued at $31,590,000. Raymond James Financial Inc. bought a new stake in Modine Manufacturing during the fourth quarter worth about $19,719,000. Artisan Partners Limited Partnership grew its holdings in Modine Manufacturing by 22.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 575,223 shares of the auto parts company's stock worth $66,686,000 after purchasing an additional 106,033 shares during the period. Vanguard Group Inc. increased its stake in shares of Modine Manufacturing by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company's stock valued at $586,486,000 after purchasing an additional 70,581 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Modine Manufacturing by 272.4% during the third quarter. Barclays PLC now owns 92,235 shares of the auto parts company's stock valued at $12,247,000 after purchasing an additional 67,465 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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Modine Manufacturing Stock Up 3.2 %

MOD stock traded up $2.24 during trading on Monday, hitting $72.32. 1,954,880 shares of the stock traded hands, compared to its average volume of 924,840. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 1 year low of $64.79 and a 1 year high of $146.84. The firm's 50 day moving average is $87.43 and its two-hundred day moving average is $113.81.

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

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

Insider Transactions at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the acquisition, the director now directly owns 7,277 shares of the company's stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.40% of the company's stock.

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.