Steward Partners Investment Advisory LLC Grows Position in Modine Manufacturing (NYSE:MOD)

Steward Partners Investment Advisory LLC lifted its holdings in shares of Modine Manufacturing (NYSE:MOD) by 362.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,310 shares of the auto parts company’s stock after purchasing an additional 1,810 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Modine Manufacturing were worth $268,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MOD. Wasatch Advisors LP acquired a new position in Modine Manufacturing during the 3rd quarter worth about $91,193,000. FMR LLC lifted its stake in Modine Manufacturing by 14.0% during the 3rd quarter. FMR LLC now owns 4,417,927 shares of the auto parts company’s stock worth $586,657,000 after acquiring an additional 543,419 shares in the last quarter. Summit Partners Public Asset Management LLC acquired a new position in Modine Manufacturing during the 3rd quarter worth about $31,961,000. Eagle Asset Management Inc. acquired a new position in Modine Manufacturing during the 3rd quarter worth about $9,379,000. Finally, Barclays PLC lifted its stake in Modine Manufacturing by 272.4% during the 3rd quarter. Barclays PLC now owns 92,235 shares of the auto parts company’s stock worth $12,247,000 after acquiring an additional 67,465 shares in the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Modine Manufacturing Price Performance

MOD opened at $85.36 on Friday. The stock’s 50-day moving average price is $101.55 and its 200 day moving average price is $116.94. Modine Manufacturing has a 12-month low of $72.49 and a 12-month high of $146.84. 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 cap of $4.49 billion, a price-to-earnings ratio of 28.65, a PEG ratio of 0.71 and a beta of 2.48.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (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%. As a group, sell-side analysts expect that Modine Manufacturing will post 3.88 earnings per share 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 buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn purchased 2,530 shares of Modine Manufacturing stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the transaction, the director now directly owns 7,277 shares of the company’s stock, valued at approximately $578,012.11. This trade 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 can be accessed through the SEC website. 2.40% of the stock is owned by corporate 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.