Concentric Capital Strategies LP Buys 46,032 Shares of Modine Manufacturing (NYSE:MOD)

Concentric Capital Strategies LP grew its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 71.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,318 shares of the auto parts company's stock after acquiring an additional 46,032 shares during the quarter. Modine Manufacturing comprises approximately 0.6% of Concentric Capital Strategies LP's investment portfolio, making the stock its 26th largest holding. Concentric Capital Strategies LP owned about 0.21% of Modine Manufacturing worth $12,789,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC grew its stake in shares of Modine Manufacturing by 272.4% during the 3rd quarter. Barclays PLC now owns 92,235 shares of the auto parts company's stock worth $12,247,000 after purchasing an additional 67,465 shares during the period. Franklin Resources Inc. raised its stake in shares of Modine Manufacturing by 33.2% in the 3rd quarter. Franklin Resources Inc. now owns 266,731 shares of the auto parts company's stock valued at $35,550,000 after acquiring an additional 66,484 shares during the period. Principal Financial Group Inc. lifted its stake in Modine Manufacturing by 2.4% during the third quarter. Principal Financial Group Inc. now owns 1,152,735 shares of the auto parts company's stock worth $153,072,000 after purchasing an additional 26,527 shares in the last quarter. Legend Financial Advisors Inc. boosted its holdings in Modine Manufacturing by 2.9% during the 4th quarter. Legend Financial Advisors Inc. now owns 9,929 shares of the auto parts company's stock valued at $1,151,000 after acquiring an additional 279 shares during the period. Finally, West Oak Capital LLC grew its holdings in shares of Modine Manufacturing by 298.3% in the fourth quarter. West Oak Capital LLC now owns 2,390 shares of the auto parts company's stock valued at $277,000 after purchasing an additional 1,790 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

Wall Street Analyst Weigh In

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

Modine Manufacturing Trading Down 0.1 %

Shares of Modine Manufacturing stock opened at $90.24 on Wednesday. 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 has a 1 year low of $64.79 and a 1 year high of $146.84. The business has a 50 day moving average price of $80.74 and a 200 day moving average price of $105.67. The company has a market capitalization of $4.74 billion, a P/E ratio of 30.28, a P/E/G ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. Sell-side analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.40% of the stock is owned by company 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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