Gabelli Funds LLC Sells 21,600 Shares of Modine Manufacturing (NYSE:MOD)

Gabelli Funds LLC decreased its position in Modine Manufacturing (NYSE:MOD - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 397,200 shares of the auto parts company's stock after selling 21,600 shares during the period. Gabelli Funds LLC owned 0.76% of Modine Manufacturing worth $46,047,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Modine Manufacturing during the fourth quarter worth $31,590,000. Raymond James Financial Inc. bought a new stake in shares of Modine Manufacturing in the 4th quarter valued at $19,719,000. Clearbridge Investments LLC acquired a new position in Modine Manufacturing in the fourth quarter valued at about $18,930,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Modine Manufacturing in the fourth quarter worth about $16,434,000. Finally, Portolan Capital Management LLC raised its position in shares of Modine Manufacturing by 57.5% during the fourth quarter. Portolan Capital Management LLC now owns 328,899 shares of the auto parts company's stock worth $38,129,000 after purchasing an additional 120,133 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Up 0.6 %

Shares of MOD traded up $0.43 during midday trading on Friday, hitting $75.86. The stock had a trading volume of 787,510 shares, compared to its average volume of 938,450. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 0.71 and a beta of 2.19. The company has a 50 day simple moving average of $82.55 and a two-hundred day simple moving average of $109.93. 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 twelve month low of $64.79 and a twelve month high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, topping 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 anticipate that Modine Manufacturing will post 3.88 EPS for the current year.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director William A. Wulfsohn bought 2,530 shares of the 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 completion of the acquisition, the director now owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.40% of the stock is currently 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.