Balyasny Asset Management L.P. Purchases Shares of 2,796 Modine Manufacturing (NYSE:MOD)

Balyasny Asset Management L.P. bought a new stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,796 shares of the auto parts company's stock, valued at approximately $324,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of Modine Manufacturing by 1.1% during the fourth quarter. Bank of America Corp DE now owns 266,266 shares of the auto parts company's stock worth $30,868,000 after acquiring an additional 2,782 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Modine Manufacturing by 8.6% during the 4th quarter. Ameriprise Financial Inc. now owns 740,310 shares of the auto parts company's stock worth $85,824,000 after purchasing an additional 58,769 shares in the last quarter. Algert Global LLC lifted its holdings in shares of Modine Manufacturing by 79.6% during the 4th quarter. Algert Global LLC now owns 19,957 shares of the auto parts company's stock valued at $2,314,000 after buying an additional 8,847 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Modine Manufacturing by 13.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,739 shares of the auto parts company's stock valued at $318,000 after buying an additional 315 shares during the last quarter. Finally, Comerica Bank grew its stake in shares of Modine Manufacturing by 12.8% in the 4th quarter. Comerica Bank now owns 50,416 shares of the auto parts company's stock valued at $5,845,000 after buying an additional 5,735 shares in the last quarter. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Modine Manufacturing news, Director William A. Wulfsohn acquired 2,530 shares of the company's 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 purchase, the director now owns 7,277 shares of the company's stock, valued at approximately $578,012.11. This trade represents a 53.30% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.40% of the company's stock.

Analyst Ratings Changes

MOD has been the topic of several recent research reports. Oppenheimer raised their price objective on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research report on Thursday. DA Davidson reaffirmed a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th.

Modine Manufacturing Stock Down 0.2%

Shares of MOD traded down $0.15 during trading hours on Thursday, hitting $93.11. 264,530 shares of the company were exchanged, compared to its average volume of 957,134. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The company has a market cap of $4.90 billion, a PE ratio of 31.31, a PEG ratio of 0.71 and a beta of 2.08. The firm's 50 day moving average is $85.03 and its 200-day moving average is $103.89. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its earnings results 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 firm had revenue of $647.20 million during the quarter, compared to analysts' expectations of $633.13 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The company's revenue was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared 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 outstanding shares. This repurchase authorization allows the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally 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.