Nuveen Asset Management LLC Raises Stock Position in Modine Manufacturing (NYSE:MOD)

Nuveen Asset Management LLC lifted its stake in Modine Manufacturing (NYSE:MOD - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 343,407 shares of the auto parts company's stock after purchasing an additional 30,724 shares during the quarter. Nuveen Asset Management LLC owned about 0.65% of Modine Manufacturing worth $39,811,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its position in Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock valued at $157,000 after acquiring an additional 82 shares in the last quarter. Arizona State Retirement System lifted its position in Modine Manufacturing by 0.8% in the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock valued at $1,675,000 after acquiring an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Modine Manufacturing by 8.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock valued at $208,000 after acquiring an additional 136 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in Modine Manufacturing by 2.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock valued at $613,000 after acquiring an additional 146 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Modine Manufacturing by 6.0% in the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock valued at $323,000 after acquiring an additional 157 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Stock Performance

MOD traded down $0.22 during mid-day trading on Friday, reaching $90.13. 1,132,224 shares of the company traded hands, compared to its average volume of 952,284. The stock has a market capitalization of $4.74 billion, a P/E ratio of 30.24, a P/E/G ratio of 0.71 and a beta of 2.08. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The company's fifty day moving average price is $85.23 and its 200-day moving average price is $103.60. 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. The business had revenue of $647.20 million during the quarter, compared to analyst estimates of $633.13 million. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The company's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 EPS. On average, sell-side analysts expect that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its board has approved 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 repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MOD shares. Oppenheimer upped their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research report on Thursday. DA Davidson reaffirmed a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research report on Monday, March 17th.

Insider Buying and Selling at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now directly owns 7,277 shares of the company's stock, valued at approximately $578,012.11. This trade represents a 53.30% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.40% of the company's stock.

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.