T. Rowe Price Investment Management Inc. Acquires 262,936 Shares of Modine Manufacturing (NYSE:MOD)

T. Rowe Price Investment Management Inc. raised its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 27.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,207,181 shares of the auto parts company's stock after buying an additional 262,936 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.30% of Modine Manufacturing worth $139,949,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MOD. Price T Rowe Associates Inc. MD grew its holdings in shares of Modine Manufacturing by 433.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 215,230 shares of the auto parts company's stock valued at $24,953,000 after purchasing an additional 174,862 shares during the period. Quantessence Capital LLC acquired a new position in Modine Manufacturing in the fourth quarter valued at approximately $404,000. Harvest Investment Services LLC grew its position in Modine Manufacturing by 50.6% in the fourth quarter. Harvest Investment Services LLC now owns 47,212 shares of the auto parts company's stock worth $5,473,000 after acquiring an additional 15,868 shares during the period. Hsbc Holdings PLC increased its stake in Modine Manufacturing by 214.7% during the fourth quarter. Hsbc Holdings PLC now owns 9,026 shares of the auto parts company's stock worth $1,059,000 after acquiring an additional 6,158 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Modine Manufacturing by 51.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,439 shares of the auto parts company's stock valued at $283,000 after purchasing an additional 826 shares during the period. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

Shares of Modine Manufacturing stock traded down $0.59 on Monday, reaching $80.54. 565,277 shares of the stock were exchanged, compared to its average volume of 942,856. 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 firm has a market capitalization of $4.23 billion, a PE ratio of 27.03, 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 business has a fifty day moving average price of $80.78 and a two-hundred day moving average price of $107.79.

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

Modine Manufacturing announced that its Board of Directors has approved a share repurchase plan on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the transaction, the director now directly owns 7,277 shares in the company, valued at $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company's stock.

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.