KLP Kapitalforvaltning AS Takes $1.17 Million Position in Modine Manufacturing (NYSE:MOD)

KLP Kapitalforvaltning AS acquired a new position in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,100 shares of the auto parts company's stock, valued at approximately $1,171,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ boosted its position 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 acquiring an additional 193 shares during the period. Principal Securities Inc. lifted its position in shares of Modine Manufacturing by 97.8% in the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock worth $63,000 after acquiring an additional 269 shares during the period. Private Trust Co. NA grew its holdings in shares of Modine Manufacturing by 650.5% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock worth $103,000 after purchasing an additional 670 shares in the last quarter. Nisa Investment Advisors LLC increased its position 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 during the period. Finally, Rothschild Investment LLC raised its stake in shares of Modine Manufacturing by 34.4% in 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 in the last quarter. Institutional investors own 95.23% of the company's stock.

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Insider Buying and Selling

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Modine Manufacturing Price Performance

NYSE MOD traded down $12.63 during trading on Thursday, reaching $72.69. 1,572,553 shares of the company traded hands, compared to its average volume of 916,091. Modine Manufacturing has a 1-year low of $72.18 and a 1-year high of $146.84. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 0.71 and a beta of 2.48. The stock's 50 day moving average price is $89.18 and its two-hundred day moving average price is $114.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 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 EPS for the current year.

Modine Manufacturing announced that its Board of Directors has approved a stock repurchase program on Friday, March 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are 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.