Modine Manufacturing (NYSE:MOD) Stock Price Down 4.8% - Time to Sell?

Shares of Modine Manufacturing (NYSE:MOD - Get Free Report) dropped 4.8% on Thursday . The stock traded as low as $82.93 and last traded at $82.44. Approximately 219,082 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 881,968 shares. The stock had previously closed at $86.63.

Analysts Set New Price Targets

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

Modine Manufacturing Stock Down 3.1 %

The firm's 50 day moving average price is $93.98 and its 200-day moving average price is $115.48. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The company has a market cap of $4.04 billion, a P/E ratio of 25.78, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. As a group, equities research analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

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

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the company's 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 directly owns 7,277 shares in the company, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Modine Manufacturing

A number of large investors have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after buying an additional 193 shares during the period. Principal Securities Inc. grew its stake in shares of Modine Manufacturing by 97.8% during 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 in the last quarter. Centaurus Financial Inc. bought a new position in shares of Modine Manufacturing during the 4th quarter worth approximately $148,000. Nisa Investment Advisors LLC raised its holdings in shares of Modine Manufacturing by 6.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after purchasing an additional 82 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Modine Manufacturing in the fourth quarter worth $172,000. Institutional investors own 95.23% of the company's stock.

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.