Royal Bank of Canada Trims Stock Holdings in Modine Manufacturing (NYSE:MOD)

Royal Bank of Canada reduced its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 13.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 124,764 shares of the auto parts company's stock after selling 18,932 shares during the period. Royal Bank of Canada owned approximately 0.24% of Modine Manufacturing worth $14,463,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MOD. Nisa Investment Advisors LLC grew its stake in 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 valued at $157,000 after purchasing an additional 82 shares in the last quarter. Arizona State Retirement System increased its holdings in Modine Manufacturing by 0.8% during the fourth quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock worth $1,675,000 after buying an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Modine Manufacturing by 8.2% during 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 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 valued at $613,000 after acquiring an additional 146 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of Modine Manufacturing by 6.0% during the 4th quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after purchasing an additional 157 shares during the last quarter. Institutional investors own 95.23% of the company's stock.

Wall Street Analysts Forecast Growth

MOD has been the topic of a number of recent analyst reports. DA Davidson reissued a "buy" rating and set a $155.00 price target on shares of Modine Manufacturing in a research report on Monday, March 17th. Oppenheimer upped their price target on shares of Modine Manufacturing from $114.00 to $121.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd.

Modine Manufacturing Price Performance

Shares of NYSE MOD traded down $0.43 during mid-day trading on Friday, reaching $91.06. The company had a trading volume of 421,784 shares, compared to its average volume of 949,084. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 0.71 and a beta of 2.08. The business's 50-day simple moving average is $85.40 and its 200 day simple moving average is $102.59. Modine Manufacturing has a one year low of $64.79 and a one year 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 data on Tuesday, May 20th. The auto parts company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.16. The business had revenue of $647.20 million for the quarter, compared to analysts' expectations of $633.13 million. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $0.77 earnings per share. On average, research analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current fiscal year.

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

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn bought 2,530 shares of the stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost 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 $578,012.11. This represents a 53.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.