Modine Manufacturing (NYSE:MOD) Holdings Raised by Cetera Investment Advisers

Cetera Investment Advisers lifted its stake in shares of Modine Manufacturing (NYSE:MOD) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,616 shares of the auto parts company’s stock after purchasing an additional 282 shares during the quarter. Cetera Investment Advisers’ holdings in Modine Manufacturing were worth $1,115,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in Modine Manufacturing by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company’s stock worth $157,000 after acquiring an additional 82 shares during the period. Arizona State Retirement System grew its holdings in Modine Manufacturing by 0.8% during the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company’s stock worth $1,675,000 after acquiring an additional 118 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in 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 acquiring an additional 136 shares during the period. Summit Investment Advisors Inc. grew its holdings in Modine Manufacturing by 2.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company’s stock worth $613,000 after acquiring an additional 146 shares during the period. Finally, Signaturefd LLC grew its holdings in Modine Manufacturing by 6.0% during the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company’s stock worth $323,000 after acquiring an additional 157 shares during the period. 95.23% of the stock is currently owned by institutional investors.

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn acquired 2,530 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired 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 owns 7,277 shares in the company, valued at approximately $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 accessible through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MOD has been the topic of a number of research analyst reports. DA Davidson reaffirmed a “buy” rating and set a $155.00 target price on shares of Modine Manufacturing in a report on Monday, March 17th. Oppenheimer lifted their price target on Modine Manufacturing from $114.00 to $121.00 and gave the stock an “outperform” rating in a research note on Thursday.

Modine Manufacturing Stock Down 3.2%

Shares of Modine Manufacturing stock opened at $90.31 on Friday. The stock has a 50-day simple moving average of $85.09 and a 200-day simple moving average of $103.76. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 30.31, a P/E/G ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD) last posted its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The firm had revenue of $647.20 million during the quarter, compared to analyst estimates of $633.13 million. During the same period in the previous year, the company earned $0.77 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its board has initiated a share repurchase plan on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication 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.