Loomis Sayles & Co. L P Decreases Holdings in Modine Manufacturing (NYSE:MOD)

Loomis Sayles & Co. L P reduced its stake in Modine Manufacturing (NYSE:MOD) by 2.8% in the 4th quarter, Holdings Channel reports. The firm owned 400,062 shares of the auto parts company’s stock after selling 11,690 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Modine Manufacturing were worth $46,379,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ increased its stake in Modine Manufacturing by 567.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock worth $27,000 after buying an additional 193 shares during the period. Principal Securities Inc. boosted its holdings in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company’s stock valued at $63,000 after purchasing an additional 269 shares during the last quarter. Private Trust Co. NA increased its holdings in Modine Manufacturing by 650.5% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the auto parts company’s stock worth $103,000 after purchasing an additional 670 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock valued at $157,000 after purchasing an additional 82 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Modine Manufacturing during the 3rd quarter valued at approximately $196,000. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Modine Manufacturing Price Performance

Shares of NYSE MOD opened at $80.11 on Friday. The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The business has a 50 day simple moving average of $95.07 and a 200-day simple moving average of $115.42. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a twelve month low of $72.49 and a twelve month high of $146.84.

Modine Manufacturing (NYSE:MOD) last posted its quarterly 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 net margin of 6.31% and a return on equity of 24.25%. As a group, equities research analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

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

Analysts Set New Price Targets

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

Insider Activity

In related news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the transaction, the director now directly owns 7,277 shares of the company’s stock, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

About Modine Manufacturing

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.