Massachusetts Financial Services Co. MA Invests $16.43 Million in Modine Manufacturing (NYSE:MOD)

Massachusetts Financial Services Co. MA acquired a new stake in Modine Manufacturing (NYSE:MOD - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 141,762 shares of the auto parts company's stock, valued at approximately $16,434,000. Massachusetts Financial Services Co. MA owned 0.27% of Modine Manufacturing at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its holdings 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 worth $157,000 after purchasing an additional 82 shares during the last quarter. Arizona State Retirement System increased its holdings in Modine Manufacturing by 0.8% in the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock valued at $1,675,000 after purchasing an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Modine Manufacturing by 8.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after acquiring an additional 136 shares during the period. Signaturefd LLC grew its holdings in shares of Modine Manufacturing by 6.0% in the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock valued at $323,000 after buying an additional 157 shares during the period. Finally, Truist Financial Corp lifted its holdings in shares of Modine Manufacturing by 0.5% during the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock valued at $3,973,000 after purchasing an additional 159 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors.

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Modine Manufacturing Stock Performance

NYSE:MOD traded down $0.47 during mid-day trading on Friday, hitting $76.90. The stock had a trading volume of 1,271,884 shares, compared to its average volume of 937,658. Modine Manufacturing has a twelve month low of $64.79 and a twelve month high of $146.84. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 0.71 and a beta of 2.19. The company's 50 day simple moving average is $84.89 and its 200 day simple moving average is $111.83. 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 posted its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating 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%. On average, equities research analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its board has authorized a share repurchase plan on Friday, March 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director William A. Wulfsohn bought 2,530 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the completion of the acquisition, the director now owns 7,277 shares of the company's stock, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.40% 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.