Assenagon Asset Management S.A. Takes $460,000 Position in Modine Manufacturing Company (NYSE:MOD)

Assenagon Asset Management S.A. bought a new stake in Modine Manufacturing Company (NYSE:MOD - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 5,995 shares of the auto parts company's stock, valued at approximately $460,000.

Several other hedge funds also recently modified their holdings of MOD. William Blair Investment Management LLC grew its position in shares of Modine Manufacturing by 7.7% in the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company's stock valued at $28,681,000 after purchasing an additional 17,599 shares during the period. New York State Common Retirement Fund boosted its stake in Modine Manufacturing by 9.9% in the 4th quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company's stock worth $28,748,000 after buying an additional 22,259 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Modine Manufacturing in the 4th quarter valued at about $19,719,000. Alberta Investment Management Corp grew its holdings in Modine Manufacturing by 27.3% in the 4th quarter. Alberta Investment Management Corp now owns 58,437 shares of the auto parts company's stock valued at $6,775,000 after buying an additional 12,536 shares during the period. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Modine Manufacturing by 21.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 49,892 shares of the auto parts company's stock valued at $5,784,000 after acquiring an additional 8,823 shares during the last quarter. 95.23% of the stock is owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 0.8%

MOD traded up $0.75 on Friday, reaching $96.85. 930,073 shares of the company's stock were exchanged, compared to its average volume of 947,558. The company's 50 day moving average is $89.69 and its 200-day moving average is $98.50. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 0.63 and a beta of 2.06. Modine Manufacturing Company has a twelve month low of $64.79 and a twelve month high of $146.84. 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 (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a net margin of 7.12% and a return on equity of 25.31%. The company had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same period in the previous year, the firm earned $0.77 earnings per share. Modine Manufacturing's revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts predict that Modine Manufacturing Company will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its Board of Directors has initiated a stock repurchase 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. KeyCorp started coverage on shares of Modine Manufacturing in a report on Thursday, June 12th. They issued an "overweight" rating and a $125.00 target price for the company. DA Davidson reiterated a "buy" rating and issued a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Finally, Oppenheimer upped 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 investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $135.25.

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.