Invesco Ltd. Boosts Position in Modine Manufacturing (NYSE:MOD)

Invesco Ltd. raised its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 1.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,012,533 shares of the auto parts company's stock after purchasing an additional 20,085 shares during the quarter. Invesco Ltd. owned 3.83% of Modine Manufacturing worth $233,313,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Modine Manufacturing in the 4th quarter worth approximately $31,590,000. Raymond James Financial Inc. purchased a new stake in Modine Manufacturing during the fourth quarter worth $19,719,000. Clearbridge Investments LLC acquired a new stake in Modine Manufacturing during the fourth quarter valued at $18,930,000. Massachusetts Financial Services Co. MA acquired a new stake in Modine Manufacturing during the fourth quarter valued at $16,434,000. Finally, Artisan Partners Limited Partnership increased its holdings in Modine Manufacturing by 22.6% in the fourth quarter. Artisan Partners Limited Partnership now owns 575,223 shares of the auto parts company's stock valued at $66,686,000 after buying an additional 106,033 shares in the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Modine Manufacturing

In other Modine Manufacturing news, Director William A. Wulfsohn bought 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, with a total value of $200,957.90. Following the completion of the acquisition, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

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Modine Manufacturing Price Performance

Shares of NYSE:MOD traded down $0.60 during midday trading on Tuesday, reaching $76.81. 756,132 shares of the company's stock traded hands, compared to its average volume of 938,014. The company has a fifty day simple moving average of $84.31 and a two-hundred day simple moving average of $111.32. Modine Manufacturing has a 1 year low of $64.79 and a 1 year high of $146.84. The company has a market cap of $4.04 billion, a P/E ratio of 25.78, a PEG ratio of 0.71 and a beta of 2.19. 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 data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (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%. Equities analysts predict that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its board has authorized a share buyback program 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 purchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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.

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.