Harbor Capital Advisors Inc. Boosts Stock Holdings in Modine Manufacturing (NYSE:MOD)

Harbor Capital Advisors Inc. increased its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 148.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142,119 shares of the auto parts company's stock after acquiring an additional 84,848 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.27% of Modine Manufacturing worth $10,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. William Blair Investment Management LLC boosted its holdings in shares of Modine Manufacturing by 7.7% during the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company's stock worth $28,681,000 after purchasing an additional 17,599 shares during the period. Entropy Technologies LP bought a new position in Modine Manufacturing during the 4th quarter valued at approximately $452,000. New York State Common Retirement Fund lifted its holdings 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 period. Peregrine Capital Management LLC lifted its holdings in Modine Manufacturing by 10.9% in the 4th quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company's stock worth $11,703,000 after buying an additional 9,920 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Modine Manufacturing in the 4th quarter worth approximately $19,719,000. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Down 3.4%

Shares of Modine Manufacturing stock traded down $3.26 during trading on Friday, hitting $93.81. The company's stock had a trading volume of 962,171 shares, compared to its average volume of 946,669. 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 fifty day simple moving average of $87.94 and a two-hundred day simple moving average of $99.91. The company has a market capitalization of $4.91 billion, a PE ratio of 31.48, a P/E/G ratio of 0.71 and a beta of 2.06. 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 for the quarter, beating analysts' consensus estimates of $0.96 by $0.16. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The business had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. During the same quarter last year, the firm earned $0.77 earnings per share. The business's revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its board has initiated a stock repurchase program on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on MOD shares. KeyCorp assumed coverage on shares of Modine Manufacturing in a report on Thursday. They issued an "overweight" rating and a $125.00 price objective for the company. Oppenheimer boosted their price target on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research report on Thursday, May 22nd. Wall Street Zen upgraded shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. Finally, DA Davidson reaffirmed a "buy" rating and set a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday, March 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus 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.