Franklin Resources Inc. Purchases 48,271 Shares of Modine Manufacturing (NYSE:MOD)

Franklin Resources Inc. lifted its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 18.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 315,002 shares of the auto parts company's stock after purchasing an additional 48,271 shares during the period. Franklin Resources Inc. owned 0.60% of Modine Manufacturing worth $36,518,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Modine Manufacturing by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 5,058,967 shares of the auto parts company's stock worth $586,486,000 after buying an additional 70,581 shares during the period. State Street Corp boosted its holdings in Modine Manufacturing by 1.5% during the third quarter. State Street Corp now owns 1,219,916 shares of the auto parts company's stock valued at $161,993,000 after acquiring an additional 18,108 shares during the period. Geode Capital Management LLC boosted its holdings in Modine Manufacturing by 0.8% during the third quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company's stock valued at $155,522,000 after acquiring an additional 9,648 shares during the period. Principal Financial Group Inc. boosted its stake in Modine Manufacturing by 2.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company's stock valued at $153,072,000 after purchasing an additional 26,527 shares during the period. Finally, Artisan Partners Limited Partnership increased its position in Modine Manufacturing by 22.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 575,223 shares of the auto parts company's stock worth $66,686,000 after buying an additional 106,033 shares during the period. 95.23% of the stock is currently owned by institutional investors.

Remove Ads

Modine Manufacturing Price Performance

Shares of MOD traded down $6.76 on Thursday, hitting $76.80. The company's stock had a trading volume of 364,309 shares, compared to its average volume of 931,840. The company has a market capitalization of $4.04 billion, a PE ratio of 25.77, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a fifty-two week low of $64.79 and a fifty-two week high of $146.84. The company has a 50 day moving average price of $85.70 and a 200 day moving average price of $112.62. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18.

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 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, research analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its board has initiated a stock buyback program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, Director William A. Wulfsohn acquired 2,530 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was acquired 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 in the company, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.