Raymond James Financial Inc. Makes New $19.72 Million Investment in Modine Manufacturing (NYSE:MOD)

Raymond James Financial Inc. purchased a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 170,088 shares of the auto parts company's stock, valued at approximately $19,719,000. Raymond James Financial Inc. owned 0.32% of Modine Manufacturing at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Principal Securities Inc. raised its position 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 purchasing an additional 269 shares during the last quarter. Private Trust Co. NA grew its stake in Modine Manufacturing by 650.5% in the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company's stock worth $103,000 after acquiring an additional 670 shares during the period. Nisa Investment Advisors LLC grew its stake in Modine Manufacturing by 6.5% in the 4th 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. KBC Group NV grew its stake in Modine Manufacturing by 47.8% in the 3rd quarter. KBC Group NV now owns 1,456 shares of the auto parts company's stock worth $193,000 after acquiring an additional 471 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Modine Manufacturing in the 3rd quarter worth approximately $196,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director William A. Wulfsohn acquired 2,530 shares of the business's stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is owned by corporate insiders.

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Modine Manufacturing Trading Up 0.1 %

Shares of NYSE MOD traded up $0.13 during trading on Thursday, hitting $87.83. 976,561 shares of the company traded hands, compared to its average volume of 890,578. The company has a 50-day moving average price of $99.40 and a 200-day moving average price of $116.28. 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 has a 1 year low of $72.49 and a 1 year high of $146.84. The firm has a market capitalization of $4.62 billion, a P/E ratio of 29.47, a P/E/G ratio of 0.71 and a beta of 2.48.

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

Modine Manufacturing declared that its Board of Directors has approved a share repurchase program 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 buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reaffirmed a "buy" rating and issued a $155.00 target price on shares of Modine Manufacturing in a research note on Monday.

About Modine Manufacturing

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.