Viking Fund Management LLC Invests $998,000 in Modine Manufacturing (NYSE:MOD)

Viking Fund Management LLC bought a new stake in Modine Manufacturing (NYSE:MOD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,000 shares of the auto parts company's stock, valued at approximately $998,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. William Blair Investment Management LLC lifted its stake in Modine Manufacturing by 7.7% during the 4th quarter. William Blair Investment Management LLC now owns 247,400 shares of the auto parts company's stock worth $28,681,000 after acquiring an additional 17,599 shares in the last quarter. Entropy Technologies LP acquired a new stake in Modine Manufacturing during the fourth quarter worth approximately $452,000. New York State Common Retirement Fund grew its holdings in shares of Modine Manufacturing by 9.9% during the fourth quarter. New York State Common Retirement Fund now owns 247,975 shares of the auto parts company's stock worth $28,748,000 after purchasing an additional 22,259 shares during the last quarter. Peregrine Capital Management LLC increased its stake in Modine Manufacturing by 10.9% in the fourth quarter. Peregrine Capital Management LLC now owns 100,949 shares of the auto parts company's stock valued at $11,703,000 after purchasing an additional 9,920 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Modine Manufacturing during the 4th quarter worth $19,719,000. Hedge funds and other institutional investors own 95.23% of the company's stock.

Modine Manufacturing Trading Down 1.1%

Modine Manufacturing stock traded down $0.99 during trading on Wednesday, hitting $91.79. The company's stock had a trading volume of 521,850 shares, compared to its average volume of 943,007. The stock's fifty day moving average is $85.64 and its 200 day moving average is $101.75. 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 has a 1-year low of $64.79 and a 1-year high of $146.84. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its earnings results 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 6.31% and a return on equity of 24.25%. The business had revenue of $647.20 million for the quarter, compared to analyst estimates of $633.13 million. During the same quarter in the previous year, the business posted $0.77 EPS. The business's quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts predict that Modine Manufacturing will post 3.88 EPS for the current year.

Modine Manufacturing announced that its board has initiated a stock buyback plan on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MOD shares. DA Davidson restated a "buy" rating and issued a $155.00 price target on shares of Modine Manufacturing in a report on Monday, March 17th. Oppenheimer boosted 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.

Modine Manufacturing Company Profile

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.