Bank of America Corp DE Has $30.87 Million Stake in Modine Manufacturing (NYSE:MOD)

Bank of America Corp DE grew its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 266,266 shares of the auto parts company's stock after buying an additional 2,782 shares during the period. Bank of America Corp DE owned 0.51% of Modine Manufacturing worth $30,868,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MOD. Wasatch Advisors LP lifted its position in shares of Modine Manufacturing by 108.0% in the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after buying an additional 741,667 shares during the last quarter. Norges Bank acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $31,590,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Modine Manufacturing by 27.8% in the fourth 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 buying an additional 262,936 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Modine Manufacturing by 433.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 215,230 shares of the auto parts company's stock valued at $24,953,000 after buying an additional 174,862 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Modine Manufacturing in the fourth quarter valued at approximately $19,719,000. 95.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, DA Davidson reissued a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th.

Modine Manufacturing Stock Performance

NYSE:MOD opened at $104.49 on Friday. The stock has a market cap of $5.49 billion, a P/E ratio of 35.06, a PEG ratio of 0.71 and a beta of 2.08. The stock has a 50 day simple moving average of $84.02 and a 200 day simple moving average of $104.23. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a 1-year low of $64.79 and a 1-year high of $146.84.

Modine Manufacturing declared that its Board of Directors has authorized a stock buyback plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director William A. Wulfsohn purchased 2,530 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average cost of $79.43 per share, with a total value of $200,957.90. Following the acquisition, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is currently owned by insiders.

About Modine Manufacturing

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.

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