Royal Bank of Canada Sells 18,932 Shares of Modine Manufacturing (NYSE:MOD)

Royal Bank of Canada lowered its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 13.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 124,764 shares of the auto parts company's stock after selling 18,932 shares during the quarter. Royal Bank of Canada owned about 0.24% of Modine Manufacturing worth $14,463,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Modine Manufacturing during the 4th quarter worth $172,000. Point72 Asset Management L.P. bought a new stake in Modine Manufacturing during the fourth quarter valued at about $30,192,000. ProShare Advisors LLC boosted its holdings in Modine Manufacturing by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 14,547 shares of the auto parts company's stock valued at $1,686,000 after acquiring an additional 4,786 shares during the period. Panoramic Capital LLC bought a new stake in Modine Manufacturing during the fourth quarter valued at about $5,057,000. Finally, Nicholas Investment Partners LP boosted its holdings in Modine Manufacturing by 4.1% during the fourth quarter. Nicholas Investment Partners LP now owns 89,769 shares of the auto parts company's stock valued at $10,407,000 after acquiring an additional 3,561 shares during the period. Institutional investors own 95.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MOD. DA Davidson restated a "buy" rating and set a $155.00 target price 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 company an "outperform" rating in a research report on Thursday, May 22nd.

Insider Transactions at Modine Manufacturing

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

Modine Manufacturing Stock Performance

Shares of NYSE MOD traded down $0.74 during mid-day trading on Friday, hitting $90.75. The company had a trading volume of 770,395 shares, compared to its average volume of 948,989. The business's 50-day simple moving average is $85.34 and its 200-day simple moving average is $102.18. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.87 and a quick ratio of 1.18. Modine Manufacturing has a 12 month low of $64.79 and a 12 month high of $146.84. The firm has a market cap of $4.75 billion, a P/E ratio of 30.45, a PEG ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $647.20 million during the quarter, compared to the consensus estimate of $633.13 million. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. The company's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $0.77 EPS. As a group, analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

Modine Manufacturing declared that its board has approved a stock 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 reacquire up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.