Teacher Retirement System of Texas Acquires 1,477 Shares of Modine Manufacturing (NYSE:MOD)

Teacher Retirement System of Texas boosted its stake in shares of Modine Manufacturing (NYSE:MOD) by 21.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,519 shares of the auto parts company’s stock after acquiring an additional 1,477 shares during the quarter. Teacher Retirement System of Texas’ holdings in Modine Manufacturing were worth $988,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MOD. State Street Corp grew its stake in shares of Modine Manufacturing by 1.5% during the third quarter. State Street Corp now owns 1,219,916 shares of the auto parts company’s stock valued at $161,993,000 after purchasing an additional 18,108 shares during the last quarter. Geode Capital Management LLC boosted its position in Modine Manufacturing by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,170,958 shares of the auto parts company’s stock valued at $155,522,000 after buying an additional 9,648 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Modine Manufacturing by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company’s stock valued at $153,072,000 after buying an additional 26,527 shares during the period. Wasatch Advisors LP acquired a new stake in shares of Modine Manufacturing in the 3rd quarter valued at $91,193,000. Finally, Franklin Resources Inc. raised its position in shares of Modine Manufacturing by 33.2% during the third quarter. Franklin Resources Inc. now owns 266,731 shares of the auto parts company’s stock worth $35,550,000 after acquiring an additional 66,484 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director William A. Wulfsohn acquired 2,530 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the acquisition, the director now owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Modine Manufacturing Price Performance

MOD opened at $79.12 on Friday. The company has a fifty day moving average price of $93.98 and a two-hundred day moving average price of $115.43. The firm has a market capitalization of $4.16 billion, a PE ratio of 26.55, 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. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87.

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

Modine Manufacturing declared that its Board of Directors has initiated a stock repurchase plan on Friday, March 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are 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.