Modine Manufacturing (NYSE:MOD) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its stake in shares of Modine Manufacturing (NYSE:MOD) by 12,418.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,167 shares of the auto parts company’s stock after purchasing an additional 27,942 shares during the quarter. GAMMA Investing LLC owned 0.05% of Modine Manufacturing worth $2,162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MOD. Kestra Private Wealth Services LLC lifted its stake in shares of Modine Manufacturing by 9.3% in the fourth quarter. Kestra Private Wealth Services LLC now owns 5,226 shares of the auto parts company’s stock worth $606,000 after acquiring an additional 444 shares in the last quarter. Rhumbline Advisers increased its holdings in Modine Manufacturing by 2.0% in the fourth quarter. Rhumbline Advisers now owns 79,664 shares of the auto parts company’s stock valued at $9,235,000 after buying an additional 1,539 shares during the last quarter. Principal Securities Inc. increased 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 buying an additional 269 shares during the last quarter. Truist Financial Corp increased its holdings in Modine Manufacturing by 0.5% in the fourth quarter. Truist Financial Corp now owns 34,267 shares of the auto parts company’s stock valued at $3,973,000 after buying an additional 159 shares during the last quarter. Finally, D.A. Davidson & CO. increased its holdings in Modine Manufacturing by 0.6% in the fourth quarter. D.A. Davidson & CO. now owns 62,566 shares of the auto parts company’s stock valued at $7,253,000 after buying an additional 352 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.

Analysts Set New Price Targets

MOD has been the subject of several research analyst reports. DA Davidson reissued a “buy” rating and issued a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th. Oppenheimer boosted their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the company an “outperform” rating in a report on Thursday, May 22nd. Wall Street Zen raised Modine Manufacturing from a “hold” rating to a “buy” rating in a report on Saturday, June 7th. Finally, KeyCorp initiated coverage on Modine Manufacturing in a report on Thursday. They issued an “overweight” rating and a $125.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $135.25.

Modine Manufacturing Stock Performance

Shares of MOD stock opened at $93.81 on Friday. Modine Manufacturing has a 12-month low of $64.79 and a 12-month high of $146.84. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 31.48, a price-to-earnings-growth ratio of 0.71 and a beta of 2.06. The business has a 50 day simple moving average of $88.38 and a 200 day simple moving average of $99.60. 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 issued its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The business had revenue of $647.20 million during the quarter, compared to analyst estimates of $633.13 million. During the same period in the prior year, the company posted $0.77 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current year.

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