Covalis Capital LLP Buys New Shares in Modine Manufacturing (NYSE:MOD)

Covalis Capital LLP purchased a new position in Modine Manufacturing (NYSE:MOD - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 51,629 shares of the auto parts company's stock, valued at approximately $5,985,000. Covalis Capital LLP owned about 0.10% of Modine Manufacturing as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Modine Manufacturing by 567.6% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after buying an additional 193 shares during the period. Principal Securities Inc. raised its stake in Modine Manufacturing by 97.8% in the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after acquiring an additional 269 shares during the period. Nisa Investment Advisors LLC lifted its holdings in 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 during the last quarter. Rothschild Investment LLC lifted its holdings in Modine Manufacturing by 34.4% during the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock valued at $199,000 after purchasing an additional 440 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position 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 worth $208,000 after purchasing an additional 136 shares during the period. Institutional investors own 95.23% of the company's stock.

Analysts Set New Price Targets

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

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.40% of the company's stock.

Modine Manufacturing Price Performance

Shares of MOD traded up $4.78 during mid-day trading on Wednesday, reaching $76.98. 1,675,715 shares of the stock traded hands, compared to its average volume of 942,992. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 25.83, 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 has a fifty day moving average price of $81.58 and a 200 day moving average price of $109.08. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, topping 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, equities research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current year.

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