Farther Finance Advisors LLC Buys 2,001 Shares of Modine Manufacturing Company (NYSE:MOD)

Farther Finance Advisors LLC boosted its stake in Modine Manufacturing Company (NYSE:MOD) by 422.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,475 shares of the auto parts company’s stock after purchasing an additional 2,001 shares during the quarter. Farther Finance Advisors LLC’s holdings in Modine Manufacturing were worth $199,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MOD. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Modine Manufacturing by 567.6% in the fourth 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 in the last quarter. Versant Capital Management Inc increased its holdings in Modine Manufacturing by 245.9% during the 1st quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company’s stock worth $32,000 after acquiring an additional 300 shares during the period. Central Pacific Bank Trust Division purchased a new stake in Modine Manufacturing in the 1st quarter worth approximately $46,000. Principal Securities Inc. boosted its holdings in Modine Manufacturing by 97.8% in the 4th 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 period. Finally, Centaurus Financial Inc. bought a new position in Modine Manufacturing in the 4th quarter valued at $148,000. Hedge funds and other institutional investors own 95.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded Modine Manufacturing from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. KeyCorp began coverage on Modine Manufacturing in a research note on Thursday, June 12th. They issued an “overweight” rating and a $125.00 target price on the stock. DA Davidson reiterated a “buy” rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Finally, Oppenheimer boosted their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the stock an “outperform” rating in a report on Thursday, May 22nd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $135.25.

Modine Manufacturing Stock Up 1.9%

Shares of NYSE:MOD opened at $95.81 on Friday. The firm has a market capitalization of $5.02 billion, a PE 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 quick ratio of 1.15 and a current ratio of 1.78. Modine Manufacturing Company has a 52-week low of $64.79 and a 52-week high of $146.84. The firm has a fifty day moving average of $89.69 and a 200 day moving average of $98.50.

Modine Manufacturing (NYSE:MOD) last released its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The business had revenue of $647.20 million for the quarter, compared to the consensus estimate of $633.13 million. During the same quarter last year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts anticipate that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has initiated a stock buyback 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 buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors 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.