Norges Bank Takes $31.59 Million Position in Modine Manufacturing (NYSE:MOD)

Norges Bank acquired a new position in shares of Modine Manufacturing (NYSE:MOD) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 272,491 shares of the auto parts company’s stock, valued at approximately $31,590,000. Norges Bank owned about 0.52% of Modine Manufacturing at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock valued at $27,000 after buying an additional 193 shares during the last quarter. Principal Securities Inc. lifted its position in Modine Manufacturing by 97.8% during the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after acquiring an additional 269 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Modine Manufacturing by 6.5% in 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 in the last quarter. Rothschild Investment LLC grew its holdings in Modine Manufacturing by 34.4% in the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock worth $199,000 after purchasing an additional 440 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Modine Manufacturing by 8.2% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company’s stock worth $208,000 after purchasing an additional 136 shares in the last quarter. 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 firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by insiders.

Modine Manufacturing Trading Down 3.2 %

Shares of Modine Manufacturing stock opened at $70.29 on Friday. Modine Manufacturing has a 12-month low of $64.79 and a 12-month high of $146.84. The firm’s 50 day simple moving average is $87.93 and its two-hundred day simple moving average is $114.22. 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 capitalization of $3.70 billion, a price-to-earnings ratio of 23.59, a PEG ratio of 0.71 and a beta of 2.19.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has initiated a stock buyback plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in 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 often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Separately, DA Davidson restated a “buy” rating and set a $155.00 target price on shares of Modine Manufacturing in a research note 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.