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

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

Other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. boosted its stake in Modine Manufacturing by 1.0% in the fourth quarter. Invesco Ltd. now owns 2,012,533 shares of the auto parts company's stock valued at $233,313,000 after buying an additional 20,085 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Modine Manufacturing by 3.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 50,834 shares of the auto parts company's stock valued at $5,893,000 after purchasing an additional 1,852 shares during the last quarter. Wedbush Securities Inc. increased its position in Modine Manufacturing by 60.5% during the 4th quarter. Wedbush Securities Inc. now owns 3,939 shares of the auto parts company's stock worth $457,000 after purchasing an additional 1,485 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Modine Manufacturing by 3.6% in the 4th quarter. Wells Fargo & Company MN now owns 322,315 shares of the auto parts company's stock valued at $37,366,000 after purchasing an additional 11,350 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in Modine Manufacturing in the fourth quarter valued at approximately $2,017,000. Institutional investors own 95.23% of the company's stock.

Insider Transactions at Modine Manufacturing

In related news, Director William A. Wulfsohn bought 2,530 shares of Modine Manufacturing 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 of the company's stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is owned by corporate insiders.

Modine Manufacturing Trading Up 6.6 %

NYSE MOD traded up $4.78 on Wednesday, hitting $76.98. The company's stock had a trading volume of 1,675,732 shares, compared to its average volume of 942,992. The company's 50-day moving average is $81.58 and its 200 day moving average is $109.08. The firm has a market cap of $4.05 billion, a PE ratio of 25.83, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 1-year low of $64.79 and a 1-year high of $146.84. 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 posted its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates 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, analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its board has approved 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 repurchase 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 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 report on Monday, March 17th.

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.