Alliancebernstein L.P. Trims Stock Position in Modine Manufacturing (NYSE:MOD)

Alliancebernstein L.P. lowered its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 960,731 shares of the auto parts company's stock after selling 14,448 shares during the period. Alliancebernstein L.P. owned 1.83% of Modine Manufacturing worth $111,378,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in MOD. Nisa Investment Advisors LLC boosted its holdings in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after buying an additional 82 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Modine Manufacturing by 0.8% during the 4th 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. grew its stake in 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 buying an additional 136 shares during the last quarter. Signaturefd LLC increased its position in Modine Manufacturing by 6.0% during 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 in the last quarter. Finally, Truist Financial Corp boosted its holdings in Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock worth $3,973,000 after acquiring an additional 159 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Remove Ads

Modine Manufacturing Stock Performance

Shares of MOD traded up $1.26 during mid-day trading on Monday, reaching $71.34. The company had a trading volume of 660,362 shares, compared to its average volume of 919,895. The stock has a 50 day moving average of $87.93 and a two-hundred day moving average of $114.20. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $3.75 billion, a P/E ratio of 24.06, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52-week low of $63.78 and a 52-week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released 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 net margin of 6.31% and a return on equity of 24.25%. On average, analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its board has approved a stock repurchase program on Friday, March 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Activity at Modine Manufacturing

In related news, Director William A. Wulfsohn purchased 2,530 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, the director now directly owns 7,277 shares of the company's stock, valued at approximately $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by corporate insiders.

Modine Manufacturing Company 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.