Assenagon Asset Management S.A. Takes Position in Modine Manufacturing Company (NYSE:MOD)

Assenagon Asset Management S.A. acquired a new stake in shares of Modine Manufacturing Company (NYSE:MOD) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,995 shares of the auto parts company’s stock, valued at approximately $460,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wasatch Advisors LP lifted its position in Modine Manufacturing by 108.0% during the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company’s stock worth $165,596,000 after buying an additional 741,667 shares in the last quarter. Reinhart Partners LLC. increased its position in shares of Modine Manufacturing by 187.3% during the first quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company’s stock worth $67,220,000 after acquiring an additional 571,026 shares during the period. J. Goldman & Co LP purchased a new stake in Modine Manufacturing during the fourth quarter worth approximately $43,201,000. Norges Bank acquired a new stake in shares of Modine Manufacturing in the 4th quarter valued at about $31,590,000. Finally, T. Rowe Price Investment Management Inc. increased its position in Modine Manufacturing by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company’s stock valued at $139,949,000 after acquiring an additional 262,936 shares during the period. 95.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MOD has been the subject of several recent analyst reports. Oppenheimer raised their price target 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 shares of Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. DA Davidson reissued a “buy” rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Finally, KeyCorp initiated coverage on shares of Modine Manufacturing in a report on Thursday, June 12th. They set an “overweight” rating and a $125.00 price target for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Modine Manufacturing currently has a consensus rating of “Buy” and a consensus target price of $135.25.

Modine Manufacturing Stock Performance

MOD opened at $95.81 on Friday. The business has a 50 day moving average price of $89.69 and a two-hundred day moving average price of $98.50. Modine Manufacturing Company has a 1-year low of $64.79 and a 1-year high of $146.84. The company has a market capitalization of $5.02 billion, a price-to-earnings ratio of 28.01, a price-to-earnings-growth ratio of 0.63 and a beta of 2.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.78 and a quick ratio of 1.15.

Modine Manufacturing (NYSE:MOD) last issued its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. Modine Manufacturing had a net margin of 7.12% and a return on equity of 25.31%. The firm had revenue of $647.20 million during the quarter, compared to analysts’ expectations of $633.13 million. During the same period last year, the firm posted $0.77 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts predict that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has approved a stock buyback program on Friday, March 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership 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.