Oppenheimer Asset Management Inc. Buys 15,898 Shares of Modine Manufacturing Company (NYSE:MOD)

Oppenheimer Asset Management Inc. lifted its stake in Modine Manufacturing Company (NYSE:MOD - Free Report) by 70.6% in the first quarter, according to its most recent Form 13F filing with the Securities & 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 0.07% of Modine Manufacturing worth $2,949,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. William Blair Investment Management LLC increased its holdings in Modine Manufacturing by 7.7% during the fourth quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company's stock valued at $28,681,000 after buying an additional 17,599 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Modine Manufacturing during the fourth quarter valued at approximately $19,719,000. Oppenheimer & Co. Inc. increased its holdings in Modine Manufacturing by 21.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 49,892 shares of the auto parts company's stock valued at $5,784,000 after buying an additional 8,823 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Modine Manufacturing by 3.6% during the fourth quarter. Wells Fargo & Company MN now owns 322,315 shares of the auto parts company's stock valued at $37,366,000 after buying an additional 11,350 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Modine Manufacturing by 22.0% during the fourth quarter. Victory Capital Management Inc. now owns 191,838 shares of the auto parts company's stock valued at $22,240,000 after buying an additional 34,638 shares during the last quarter. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Price Performance

MOD stock traded down $0.18 during trading on Friday, reaching $101.57. The company's stock had a trading volume of 1,192,163 shares, compared to its average volume of 944,037. Modine Manufacturing Company has a 1 year low of $64.79 and a 1 year high of $146.84. 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 company has a market capitalization of $5.32 billion, a P/E ratio of 29.70, a price-to-earnings-growth ratio of 0.66 and a beta of 2.06. The company's fifty day moving average is $92.52 and its 200-day moving average is $96.54.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $633.13 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. Modine Manufacturing's revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts expect that Modine Manufacturing Company will post 3.88 earnings per share for the current fiscal 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.

Wall Street Analysts Forecast Growth

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