Palisades Investment Partners LLC Acquires 10,775 Shares of Modine Manufacturing (NYSE:MOD)

Palisades Investment Partners LLC lifted its stake in Modine Manufacturing (NYSE:MOD - Free Report) by 10.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,147 shares of the auto parts company's stock after buying an additional 10,775 shares during the period. Modine Manufacturing makes up 5.5% of Palisades Investment Partners LLC's portfolio, making the stock its 5th biggest position. Palisades Investment Partners LLC owned 0.21% of Modine Manufacturing worth $13,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of MOD. Nisa Investment Advisors LLC lifted its stake in shares of Modine Manufacturing by 6.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock worth $157,000 after acquiring an additional 82 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Modine Manufacturing by 0.8% in the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after acquiring an additional 118 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Modine Manufacturing by 8.2% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock worth $208,000 after acquiring an additional 136 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of Modine Manufacturing by 2.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock worth $613,000 after acquiring an additional 146 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Modine Manufacturing by 6.0% in the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

Modine Manufacturing Stock Performance

Shares of NYSE:MOD traded up $1.45 during midday trading on Tuesday, hitting $91.26. The company's stock had a trading volume of 362,239 shares, compared to its average volume of 950,237. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 30.52, a PEG ratio of 0.71 and a beta of 2.08. The stock's 50 day simple moving average is $85.27 and its 200 day simple moving average is $103.02. Modine Manufacturing has a fifty-two week low of $64.79 and a fifty-two week high of $146.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 20th. The auto parts company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The firm had revenue of $647.20 million during the quarter, compared to analysts' expectations of $633.13 million. During the same quarter last year, the company earned $0.77 earnings per share. The company's revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, research analysts anticipate that Modine Manufacturing will post 3.88 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on MOD shares. DA Davidson restated a "buy" rating and set a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th. Oppenheimer increased their price objective on Modine Manufacturing from $114.00 to $121.00 and gave the stock an "outperform" rating in a report on Thursday, May 22nd.

Insider Activity at Modine Manufacturing

In other news, Director William A. Wulfsohn purchased 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the transaction, the director now directly owns 7,277 shares in the company, valued at $578,012.11. This trade represents a 53.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is currently owned by company insiders.

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.