Sei Investments Co. Raises Stock Position in Modine Manufacturing (NYSE:MOD)

Sei Investments Co. lifted its stake in Modine Manufacturing (NYSE:MOD) by 32.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 189,834 shares of the auto parts company’s stock after acquiring an additional 46,668 shares during the period. Sei Investments Co.’s holdings in Modine Manufacturing were worth $22,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. William Blair Investment Management LLC grew its holdings in shares of Modine Manufacturing by 7.7% during the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company’s stock worth $28,681,000 after purchasing an additional 17,599 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at about $452,000. New York State Common Retirement Fund grew its stake in Modine Manufacturing by 9.9% during the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company’s stock worth $28,748,000 after buying an additional 22,259 shares during the last quarter. Legend Financial Advisors Inc. increased its position in Modine Manufacturing by 2.9% during the fourth quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company’s stock worth $1,151,000 after buying an additional 279 shares during the period. Finally, Peregrine Capital Management LLC lifted its stake in Modine Manufacturing by 10.9% in the fourth quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company’s stock valued at $11,703,000 after buying an additional 9,920 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

NYSE MOD opened at $86.68 on Thursday. The business’s 50-day moving average price is $96.12 and its 200 day moving average price is $115.67. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.56 billion, a P/E ratio of 29.09, 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.

Modine Manufacturing (NYSE:MOD) last released its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) 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%. On average, equities research analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, Director William A. Wulfsohn bought 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired 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 in the company, valued at approximately $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is owned by insiders.

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 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.