Wasatch Advisors LP Buys 741,667 Shares of Modine Manufacturing (NYSE:MOD)

Wasatch Advisors LP raised its position in Modine Manufacturing (NYSE:MOD - Free Report) by 108.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,428,415 shares of the auto parts company's stock after acquiring an additional 741,667 shares during the quarter. Wasatch Advisors LP owned approximately 2.72% of Modine Manufacturing worth $165,596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HighTower Advisors LLC increased its stake in Modine Manufacturing by 21.5% during the third quarter. HighTower Advisors LLC now owns 6,474 shares of the auto parts company's stock worth $861,000 after acquiring an additional 1,147 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in Modine Manufacturing in the 3rd quarter worth approximately $218,000. Stifel Financial Corp increased its holdings in shares of Modine Manufacturing by 4.5% in the third quarter. Stifel Financial Corp now owns 22,234 shares of the auto parts company's stock valued at $2,952,000 after purchasing an additional 964 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Modine Manufacturing by 268.9% during the third quarter. Public Employees Retirement System of Ohio now owns 1,793 shares of the auto parts company's stock worth $238,000 after purchasing an additional 1,307 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Modine Manufacturing by 272.4% in the 3rd quarter. Barclays PLC now owns 92,235 shares of the auto parts company's stock valued at $12,247,000 after purchasing an additional 67,465 shares during the period. Hedge funds and other institutional investors own 95.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Modine Manufacturing Price Performance

Shares of MOD traded down $5.48 during mid-day trading on Monday, reaching $70.38. 241,381 shares of the company's stock were exchanged, compared to its average volume of 935,824. 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 $3.70 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 0.71 and a beta of 2.19. The company has a 50-day simple moving average of $82.55 and a two-hundred day simple moving average of $109.79. 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 results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating the consensus estimate 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, sell-side analysts predict that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its board has authorized a stock repurchase plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Modine Manufacturing

In related 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 owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

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.