Covalis Capital LLP Takes $5.99 Million Position in Modine Manufacturing (NYSE:MOD)

Covalis Capital LLP acquired a new stake in Modine Manufacturing (NYSE:MOD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 51,629 shares of the auto parts company's stock, valued at approximately $5,985,000. Covalis Capital LLP owned approximately 0.10% of Modine Manufacturing at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its holdings in shares of Modine Manufacturing by 268.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,793 shares of the auto parts company's stock valued at $238,000 after buying an additional 1,307 shares in the last quarter. Barclays PLC grew its position in Modine Manufacturing by 272.4% in the 3rd quarter. Barclays PLC now owns 92,235 shares of the auto parts company's stock valued at $12,247,000 after buying an additional 67,465 shares during the last quarter. Invst LLC boosted its holdings in shares of Modine Manufacturing by 16.1% in the third quarter. Invst LLC now owns 8,245 shares of the auto parts company's stock valued at $1,095,000 after acquiring an additional 1,144 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Modine Manufacturing during the third quarter worth about $396,000. Finally, Franklin Resources Inc. lifted its position in Modine Manufacturing by 33.2% in the third quarter. Franklin Resources Inc. now owns 266,731 shares of the auto parts company's stock valued at $35,550,000 after purchasing an additional 66,484 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Modine Manufacturing news, Director William A. Wulfsohn purchased 2,530 shares of the stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the acquisition, the director now directly owns 7,277 shares of the company's stock, valued at $578,012.11. This represents a 53.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 2.40% of the stock is owned by company insiders.

Modine Manufacturing Price Performance

Shares of MOD stock traded up $2.26 during trading hours on Thursday, hitting $79.21. The company's stock had a trading volume of 454,556 shares, compared to its average volume of 1,369,541. 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 twelve month low of $64.79 and a twelve month high of $146.84. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 0.71 and a beta of 2.19. The business has a fifty day moving average of $81.27 and a 200-day moving average of $108.86.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, topping 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%. As a group, equities research analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its Board of Directors has initiated a stock buyback plan on Friday, March 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the auto parts company to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Modine Manufacturing 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.