Norges Bank Makes New $31.59 Million Investment in Modine Manufacturing (NYSE:MOD)

Norges Bank acquired a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 272,491 shares of the auto parts company's stock, valued at approximately $31,590,000. Norges Bank owned about 0.52% of Modine Manufacturing as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its stake in Modine Manufacturing by 6.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after acquiring an additional 82 shares during the last quarter. Arizona State Retirement System raised its stake 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 worth $1,675,000 after buying an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of 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 in the last quarter. Signaturefd LLC raised its stake in shares of Modine Manufacturing by 6.0% during the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after buying an additional 157 shares in the last quarter. Finally, Truist Financial Corp raised its stake in shares of Modine Manufacturing by 0.5% during the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock worth $3,973,000 after buying an additional 159 shares in the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $79.43 per share, with a total value of $200,957.90. Following the transaction, the director now owns 7,277 shares of the company's stock, valued at $578,012.11. This represents a 53.30 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.40% of the company's stock.

Analyst Ratings Changes

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 Price Performance

NYSE MOD traded down $5.89 during mid-day trading on Thursday, hitting $77.67. The stock had a trading volume of 219,468 shares, compared to its average volume of 931,200. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 0.71 and a beta of 2.19. The company has a 50 day simple moving average of $85.70 and a 200 day simple moving average of $112.62. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating 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%. Equities analysts forecast that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has initiated a share 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.