Modine Manufacturing (NYSE:MOD) Shares Sold by First Trust Advisors LP

First Trust Advisors LP lowered its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,228 shares of the auto parts company's stock after selling 12,091 shares during the quarter. First Trust Advisors LP owned about 0.12% of Modine Manufacturing worth $7,098,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Osterweis Capital Management Inc. grew its position in Modine Manufacturing by 22.4% during the 4th quarter. Osterweis Capital Management Inc. now owns 133,727 shares of the auto parts company's stock worth $15,503,000 after purchasing an additional 24,452 shares during the last quarter. Marshall Wace LLP increased its position in shares of Modine Manufacturing by 148.7% in the 4th quarter. Marshall Wace LLP now owns 9,700 shares of the auto parts company's stock valued at $1,125,000 after acquiring an additional 5,800 shares during the period. Charter Oak Advisors LP purchased a new position in Modine Manufacturing in the 4th quarter worth $6,146,000. Wasatch Advisors LP lifted its position in Modine Manufacturing by 108.0% during the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock worth $165,596,000 after acquiring an additional 741,667 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Modine Manufacturing by 78.5% during the 4th quarter. NewEdge Advisors LLC now owns 4,767 shares of the auto parts company's stock valued at $553,000 after purchasing an additional 2,097 shares during the last quarter. 95.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director William A. Wulfsohn purchased 2,530 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $79.43 per share, with a total value of $200,957.90. Following the purchase, the director now owns 7,277 shares of the company's stock, valued at $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

Modine Manufacturing Stock Performance

Shares of MOD traded up $3.18 during mid-day trading on Friday, reaching $90.18. The company had a trading volume of 813,459 shares, compared to its average volume of 951,902. The stock has a 50 day moving average of $80.44 and a two-hundred day moving average of $106.28. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $4.74 billion, a P/E ratio of 30.26, a PEG ratio of 0.71 and a beta of 2.19. Modine Manufacturing has a 52-week low of $64.79 and a 52-week high of $146.84.

Modine Manufacturing (NYSE:MOD - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.79 by $0.13. Modine Manufacturing had a return on equity of 24.25% and a net margin of 6.31%. On average, analysts expect that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing announced that its Board of Directors has initiated a stock buyback plan on Friday, March 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, DA Davidson restated a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th.

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.