Congress Wealth Management LLC DE Trims Stake in Modine Manufacturing (NYSE:MOD)

Congress Wealth Management LLC DE trimmed its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 53.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,240 shares of the auto parts company's stock after selling 10,760 shares during the quarter. Congress Wealth Management LLC DE's holdings in Modine Manufacturing were worth $1,071,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ grew its position in Modine Manufacturing by 567.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after buying an additional 193 shares during the last quarter. Principal Securities Inc. lifted its stake 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 boosted its holdings in shares of Modine Manufacturing by 650.5% in the third quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock valued at $103,000 after acquiring an additional 670 shares in the last quarter. Nisa Investment Advisors LLC increased its stake 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 acquiring an additional 82 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in Modine Manufacturing during the third quarter worth about $196,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

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Modine Manufacturing Price Performance

Shares of NYSE MOD traded up $3.39 during trading on Tuesday, hitting $80.14. 1,003,935 shares of the company were exchanged, compared to its average volume of 913,018. 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 has a 1 year low of $72.49 and a 1 year high of $146.84. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.71 and a beta of 2.48. The firm's fifty day moving average price is $91.67 and its 200 day moving average price is $115.03.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released 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, sell-side analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has approved a share buyback plan on Friday, March 7th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In other 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 price 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 in the company, valued at $578,012.11. This represents a 53.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

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.