Hennion & Walsh Asset Management Inc. Acquires 2,862 Shares of Modine Manufacturing (NYSE:MOD)

Hennion & Walsh Asset Management Inc. grew its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 65.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,246 shares of the auto parts company's stock after purchasing an additional 2,862 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Modine Manufacturing were worth $556,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. William Blair Investment Management LLC increased its holdings in 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 worth $28,681,000 after buying an additional 17,599 shares during the last quarter. Entropy Technologies LP acquired a new position in Modine Manufacturing in the fourth quarter worth approximately $452,000. New York State Common Retirement Fund increased its holdings in Modine Manufacturing by 9.9% in the fourth 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. Peregrine Capital Management LLC increased its holdings in Modine Manufacturing by 10.9% in the fourth 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 last quarter. Finally, Raymond James Financial Inc. acquired a new position in Modine Manufacturing in the fourth quarter worth approximately $19,719,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Modine Manufacturing Stock Performance

Modine Manufacturing stock traded up $1.28 during trading hours on Friday, reaching $93.55. 838,068 shares of the company were exchanged, compared to its average volume of 941,454. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 0.71 and a beta of 2.06. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average of $86.47 and a 200 day moving average of $100.93. Modine Manufacturing has a 12 month low of $64.79 and a 12 month 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. The firm had revenue of $647.20 million during the quarter, compared to analysts' expectations of $633.13 million. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The company's revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. As a group, research analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MOD. Wall Street Zen upgraded Modine Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday. DA Davidson restated a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a report on Monday, March 17th. Finally, Oppenheimer increased 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. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $138.67.

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.