Clearbridge Investments LLC Makes New Investment in Modine Manufacturing (NYSE:MOD)

Clearbridge Investments LLC acquired a new stake in shares of Modine Manufacturing (NYSE:MOD) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 163,291 shares of the auto parts company’s stock, valued at approximately $18,930,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Modine Manufacturing by 567.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company’s stock worth $27,000 after acquiring an additional 193 shares in the last quarter. Principal Securities Inc. grew 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 worth $63,000 after purchasing an additional 269 shares during the period. Nisa Investment Advisors LLC grew its holdings 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 worth $157,000 after purchasing an additional 82 shares during the period. Rothschild Investment LLC increased its stake in shares of Modine Manufacturing by 34.4% during the fourth quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company’s stock valued at $199,000 after purchasing an additional 440 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings 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 valued at $208,000 after purchasing an additional 136 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other Modine Manufacturing news, Director William A. Wulfsohn acquired 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Modine Manufacturing Trading Up 6.4 %

Modine Manufacturing stock opened at $85.37 on Thursday. Modine Manufacturing has a one year low of $72.49 and a one year high of $146.84. The business’s fifty day moving average is $90.52 and its 200 day moving average is $114.82. The stock has a market capitalization of $4.49 billion, a PE ratio of 28.65, a price-to-earnings-growth ratio of 0.71 and a beta of 2.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. On average, sell-side analysts predict that Modine Manufacturing will post 3.88 EPS for the current year.

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

Modine Manufacturing Company 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.