Janney Montgomery Scott LLC Increases Position in Modine Manufacturing Company (NYSE:MOD)

Janney Montgomery Scott LLC lifted its holdings in shares of Modine Manufacturing Company (NYSE:MOD - Free Report) by 159.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,976 shares of the auto parts company's stock after purchasing an additional 6,134 shares during the quarter. Janney Montgomery Scott LLC's holdings in Modine Manufacturing were worth $766,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Modine Manufacturing by 567.6% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock worth $27,000 after purchasing an additional 193 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Modine Manufacturing by 63.1% during the first quarter. GAMMA Investing LLC now owns 367 shares of the auto parts company's stock worth $28,000 after purchasing an additional 142 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Modine Manufacturing by 245.9% during the first quarter. Versant Capital Management Inc now owns 422 shares of the auto parts company's stock worth $32,000 after purchasing an additional 300 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Modine Manufacturing in the first quarter valued at $46,000. Finally, Centaurus Financial Inc. acquired a new position in Modine Manufacturing in the fourth quarter valued at $148,000. Institutional investors and hedge funds own 95.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MOD. Wall Street Zen upgraded Modine Manufacturing from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. DA Davidson reiterated a "buy" rating and issued a $155.00 target price on shares of Modine Manufacturing in a report on Monday, March 17th. Oppenheimer lifted their target price on Modine Manufacturing from $121.00 to $122.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, KeyCorp began coverage on Modine Manufacturing in a report on Thursday, June 12th. They issued an "overweight" rating and a $125.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $135.50.

Modine Manufacturing Stock Up 2.2%

NYSE:MOD traded up $2.25 during mid-day trading on Friday, hitting $104.47. The company had a trading volume of 578,701 shares, compared to its average volume of 944,723. The business has a fifty day simple moving average of $94.63 and a 200-day simple moving average of $96.15. The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.32. Modine Manufacturing Company has a 1 year low of $64.79 and a 1 year high of $146.84. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 0.68 and a beta of 2.04.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.96 by $0.16. Modine Manufacturing had a return on equity of 25.31% and a net margin of 7.12%. The company had revenue of $647.20 million for the quarter, compared to analyst estimates of $633.13 million. During the same period last year, the company posted $0.77 earnings per share. The firm's revenue was up 7.2% compared to the same quarter last year. Equities analysts forecast that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has initiated a share buyback program 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 purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Modine Manufacturing Company 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.