Royce & Associates LP Reduces Position in Modine Manufacturing (NYSE:MOD)

Royce & Associates LP cut its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 15.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 177,852 shares of the auto parts company's stock after selling 32,395 shares during the quarter. Royce & Associates LP owned approximately 0.34% of Modine Manufacturing worth $20,618,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MOD. Wasatch Advisors LP bought a new stake in Modine Manufacturing during the third quarter valued at about $91,193,000. FMR LLC grew its position in shares of Modine Manufacturing by 14.0% during the third quarter. FMR LLC now owns 4,417,927 shares of the auto parts company's stock valued at $586,657,000 after purchasing an additional 543,419 shares in the last quarter. Summit Partners Public Asset Management LLC purchased a new position in shares of Modine Manufacturing during the third quarter valued at about $31,961,000. Raymond James Financial Inc. purchased a new position in shares of Modine Manufacturing during the fourth quarter valued at about $19,719,000. Finally, Eagle Asset Management Inc. purchased a new position in shares of Modine Manufacturing during the third quarter valued at about $9,379,000. 95.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director William A. Wulfsohn purchased 2,530 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, the director now 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 filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

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Wall Street Analysts Forecast Growth

Separately, DA Davidson restated a "buy" rating and set a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday.

Modine Manufacturing Price Performance

Shares of Modine Manufacturing stock traded up $0.13 during trading on Thursday, reaching $87.83. 976,567 shares of the stock traded hands, compared to its average volume of 890,578. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of 29.47, a P/E/G ratio of 0.71 and a beta of 2.48. Modine Manufacturing has a 52-week low of $72.49 and a 52-week high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The business has a fifty day simple moving average of $99.40 and a two-hundred day simple moving average of $116.28.

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

Modine Manufacturing declared that its Board of Directors has initiated a stock buyback plan on Friday, March 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors 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.