Modine Manufacturing's (MOD) Buy Rating Reaffirmed at DA Davidson

Modine Manufacturing (NYSE:MOD - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at DA Davidson in a research note issued on Monday,Benzinga reports. They currently have a $155.00 price objective on the auto parts company's stock. DA Davidson's price target would suggest a potential upside of 74.79% from the stock's current price.

Modine Manufacturing Stock Performance

Shares of MOD stock traded up $0.88 during trading on Monday, reaching $88.68. 1,275,952 shares of the company's stock traded hands, compared to its average volume of 889,453. The firm's 50-day moving average is $98.73 and its 200 day moving average is $116.09. The company has a market capitalization of $4.66 billion, a P/E ratio of 29.76, a PEG ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 1 year low of $72.49 and a 1 year high of $146.84. 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 posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (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%. Equities research analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

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Modine Manufacturing announced that its board has authorized a share buyback program 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 reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now directly owns 7,277 shares of the company's stock, valued at $578,012.11. The trade was 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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MOD. Entropy Technologies LP purchased a new position in Modine Manufacturing in the 4th quarter worth approximately $452,000. New York State Common Retirement Fund lifted its holdings in shares of Modine Manufacturing by 9.9% during the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company's stock worth $28,748,000 after acquiring an additional 22,259 shares during the last quarter. William Blair Investment Management LLC grew its position in Modine Manufacturing by 7.7% in the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company's stock worth $28,681,000 after acquiring an additional 17,599 shares in the last quarter. Legend Financial Advisors Inc. raised its position in Modine Manufacturing by 2.9% during the fourth quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company's stock valued at $1,151,000 after purchasing an additional 279 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its stake in Modine Manufacturing by 10.9% during the fourth quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company's stock worth $11,703,000 after purchasing an additional 9,920 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

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.