Bessemer Group Inc. Grows Stock Position in Modine Manufacturing Company (NYSE:MOD)

Bessemer Group Inc. lifted its holdings in Modine Manufacturing Company (NYSE:MOD - Free Report) by 9,728.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,440 shares of the auto parts company's stock after buying an additional 3,405 shares during the quarter. Bessemer Group Inc.'s holdings in Modine Manufacturing were worth $264,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MOD. Wasatch Advisors LP increased its stake in shares of Modine Manufacturing by 108.0% during the fourth quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after purchasing an additional 741,667 shares in the last quarter. Reinhart Partners LLC. grew its stake in shares of Modine Manufacturing by 187.3% in the 1st quarter. Reinhart Partners LLC. now owns 875,834 shares of the auto parts company's stock worth $67,220,000 after buying an additional 571,026 shares during the last quarter. J. Goldman & Co LP bought a new position in Modine Manufacturing during the 4th quarter valued at approximately $43,201,000. Norges Bank purchased a new position in Modine Manufacturing during the fourth quarter valued at $31,590,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Modine Manufacturing by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company's stock worth $139,949,000 after acquiring an additional 262,936 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Performance

NYSE:MOD traded up $2.25 during mid-day trading on Thursday, reaching $104.47. The company's stock had a trading volume of 578,701 shares, compared to its average volume of 942,807. The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.32. The stock has a market cap of $5.47 billion, a P/E ratio of 30.55, a PEG ratio of 0.64 and a beta of 2.04. The firm's fifty day moving average price is $94.12 and its two-hundred day moving average price is $96.36. Modine Manufacturing Company has a 12-month low of $64.79 and a 12-month high of $146.84.

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 for the quarter, beating 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 firm had revenue of $647.20 million during the quarter, compared to analysts' expectations of $633.13 million. During the same period in the previous year, the company earned $0.77 earnings per share. The firm's quarterly revenue was up 7.2% on a year-over-year basis. On average, equities analysts forecast that Modine Manufacturing Company will post 3.88 EPS for the current fiscal year.

Modine Manufacturing announced that its Board of Directors has approved a stock buyback program 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 programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Modine Manufacturing from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. 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 set a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th. Finally, Oppenheimer boosted their price objective on shares of Modine Manufacturing from $121.00 to $122.00 and gave the stock an "outperform" rating in a report on Tuesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $135.50.

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.