Wells Fargo & Company MN grew its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 322,315 shares of the auto parts company's stock after acquiring an additional 11,350 shares during the period. Wells Fargo & Company MN owned about 0.61% of Modine Manufacturing worth $37,366,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in shares of Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after acquiring an additional 82 shares during the last quarter. Arizona State Retirement System increased its position in Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after purchasing an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Modine Manufacturing by 8.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after acquiring an additional 136 shares during the period. Signaturefd LLC raised its position in Modine Manufacturing by 6.0% in the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock valued at $323,000 after purchasing an additional 157 shares during the period. Finally, Truist Financial Corp raised its holdings in shares of Modine Manufacturing by 0.5% during the 4th quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company's stock valued at $3,973,000 after buying an additional 159 shares during the period. Hedge funds and other institutional investors own 95.23% of the company's stock.
Insider Activity at Modine Manufacturing
In other Modine Manufacturing news, Director William A. Wulfsohn bought 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, with a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company's stock.
Wall Street Analyst Weigh In
Separately, DA Davidson reaffirmed a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research note on Monday, March 17th.
Check Out Our Latest Stock Analysis on Modine Manufacturing
Modine Manufacturing Stock Down 1.5 %
Modine Manufacturing stock traded down $1.14 during midday trading on Wednesday, hitting $75.81. The stock had a trading volume of 169,909 shares, compared to its average volume of 1,383,755. The business has a fifty day moving average price of $83.90 and a 200 day moving average price of $111.08. Modine Manufacturing has a 12 month low of $64.79 and a 12 month high of $146.84. The stock has a market cap of $3.99 billion, a P/E ratio of 25.44, a P/E/G ratio of 0.71 and a beta of 2.19. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.
Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its quarterly earnings results 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%. Research analysts predict that Modine Manufacturing will post 3.88 EPS for the current year.
Modine Manufacturing announced that its board has initiated a share 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 repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.
Modine Manufacturing Profile
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Free Report)
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.
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