Oppenheimer Asset Management Inc. Increases Stake in Modine Manufacturing Company (NYSE:MOD)

Oppenheimer Asset Management Inc. increased its position in Modine Manufacturing Company (NYSE:MOD - Free Report) by 70.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,428 shares of the auto parts company's stock after acquiring an additional 15,898 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.07% of Modine Manufacturing worth $2,949,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MOD. Principal Securities Inc. boosted its position in shares of Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after acquiring an additional 269 shares during the period. Handelsbanken Fonder AB lifted its position in Modine Manufacturing by 25.5% during the fourth quarter. Handelsbanken Fonder AB now owns 13,300 shares of the auto parts company's stock valued at $1,542,000 after purchasing an additional 2,700 shares during the last quarter. Rothschild Investment LLC grew its stake in Modine Manufacturing by 34.4% in the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock worth $199,000 after buying an additional 440 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in Modine Manufacturing in the 4th quarter worth approximately $612,000. Finally, Oppenheimer & Co. Inc. grew its stake in Modine Manufacturing by 21.5% in the 4th quarter. Oppenheimer & Co. Inc. now owns 49,892 shares of the auto parts company's stock worth $5,784,000 after buying an additional 8,823 shares in the last quarter. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Stock Down 0.2%

Shares of NYSE MOD traded down $0.18 during midday trading on Friday, hitting $101.57. The stock had a trading volume of 1,192,163 shares, compared to its average volume of 944,037. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.32. The business's 50 day moving average is $92.52 and its 200-day moving average is $96.76. Modine Manufacturing Company has a 52 week low of $64.79 and a 52 week high of $146.84. The company has a market cap of $5.32 billion, a P/E ratio of 29.70, a PEG ratio of 0.66 and a beta of 2.06.

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. As a group, analysts predict that Modine Manufacturing Company will post 3.88 EPS for the current year.

Modine Manufacturing declared that its Board of Directors has authorized a share buyback program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

MOD has been the subject of a number of research reports. DA Davidson reissued a "buy" rating and issued a $155.00 price target on shares of Modine Manufacturing in a research note on Monday, March 17th. Wall Street Zen raised shares of Modine Manufacturing from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Oppenheimer boosted their price target on shares of Modine Manufacturing from $114.00 to $121.00 and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Finally, KeyCorp started coverage on shares of Modine Manufacturing in a research note on Thursday, June 12th. They issued an "overweight" rating and a $125.00 price target for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Modine Manufacturing currently has a consensus 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.