Fred Alger Management LLC Sells 43,895 Shares of Modine Manufacturing (NYSE:MOD)

Fred Alger Management LLC lessened its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 305,667 shares of the auto parts company's stock after selling 43,895 shares during the period. Fred Alger Management LLC owned 0.58% of Modine Manufacturing worth $35,436,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ grew its position in shares of Modine Manufacturing by 567.6% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after buying an additional 193 shares during the last quarter. Principal Securities Inc. boosted its holdings in Modine Manufacturing by 97.8% in the fourth quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after acquiring an additional 269 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Modine Manufacturing by 6.5% during the 4th 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 during the period. Rothschild Investment LLC increased its position in Modine Manufacturing by 34.4% during the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock valued at $199,000 after purchasing an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Modine Manufacturing by 8.2% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,791 shares of the auto parts company's stock worth $208,000 after purchasing an additional 136 shares during the last quarter. Institutional investors own 95.23% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director William A. Wulfsohn bought 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the purchase, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. This represents a 53.30 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.40% of the company's stock.

Modine Manufacturing Trading Up 1.8 %

Shares of Modine Manufacturing stock traded up $1.65 on Friday, hitting $94.84. 777,588 shares of the company's stock traded hands, compared to its average volume of 950,291. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 0.71 and a beta of 2.08. The company has a fifty day moving average of $81.54 and a two-hundred day moving average of $104.92. 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 one year low of $64.79 and a one year high of $146.84.

Modine Manufacturing announced that its Board of Directors has approved a share buyback plan on Friday, March 7th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is 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.