Modine Manufacturing (NYSE:MOD) Shares Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lifted its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 13.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 441,891 shares of the auto parts company's stock after acquiring an additional 53,251 shares during the period. Lord Abbett & CO. LLC owned 0.84% of Modine Manufacturing worth $51,229,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Modine Manufacturing by 567.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after acquiring an additional 193 shares during the period. Principal Securities Inc. raised its holdings in shares of Modine Manufacturing by 97.8% during 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. Nisa Investment Advisors LLC raised its holdings in shares of Modine Manufacturing by 6.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock worth $157,000 after acquiring an additional 82 shares during the period. Rothschild Investment LLC raised its holdings in shares of Modine Manufacturing by 34.4% during the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock worth $199,000 after acquiring an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in shares of Modine Manufacturing by 8.2% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock worth $208,000 after acquiring an additional 136 shares during the period. Hedge funds and other institutional investors own 95.23% of the company's stock.

Insider Buying and Selling at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the company's stock in a transaction on Monday, March 3rd. The stock was bought at an average cost of $79.43 per share, with a total value of $200,957.90. Following the transaction, the director now directly owns 7,277 shares in the company, valued at $578,012.11. The trade was a 53.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Modine Manufacturing Trading Down 0.7 %

Shares of NYSE:MOD traded down $0.59 during midday trading on Monday, reaching $80.54. 565,277 shares of the company's stock were exchanged, compared to its average volume of 942,856. The firm's 50 day simple moving average is $80.62 and its two-hundred day simple moving average is $107.41. 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 $4.23 billion, a price-to-earnings ratio of 27.03, a P/E/G 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.

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

Modine Manufacturing declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares buyback programs are typically an indication that the company's board 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.