Avantax Advisory Services Inc. Trims Stake in Modine Manufacturing (NYSE:MOD)

Avantax Advisory Services Inc. lessened its stake in Modine Manufacturing (NYSE:MOD) by 21.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,677 shares of the auto parts company’s stock after selling 1,019 shares during the period. Avantax Advisory Services Inc.’s holdings in Modine Manufacturing were worth $426,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wasatch Advisors LP acquired a new stake in Modine Manufacturing during the third quarter valued at $91,193,000. FMR LLC boosted its stake in shares of 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 stake in shares of Modine Manufacturing during the 3rd quarter valued at about $31,961,000. Raymond James Financial Inc. purchased a new position in shares of Modine Manufacturing in the 4th quarter valued at about $19,719,000. Finally, Eagle Asset Management Inc. acquired a new position in Modine Manufacturing in the 3rd quarter worth about $9,379,000. Institutional investors and hedge funds 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 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 purchase, the director now directly owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Modine Manufacturing Stock Up 1.0 %

MOD stock opened at $88.68 on Monday. Modine Manufacturing has a 52 week low of $72.49 and a 52 week high of $146.84. 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 50-day simple moving average of $98.13 and a 200-day simple moving average of $115.98. The stock has a market capitalization of $4.66 billion, a P/E ratio of 29.76, a P/E/G ratio of 0.71 and a beta of 2.48.

Modine Manufacturing (NYSE:MOD) last posted its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 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%. Equities analysts forecast that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its board has authorized a share repurchase program on Friday, March 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the auto parts company to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.