Hsbc Holdings PLC Increases Position in Modine Manufacturing (NYSE:MOD)

Hsbc Holdings PLC increased its position in Modine Manufacturing (NYSE:MOD - Free Report) by 214.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,026 shares of the auto parts company's stock after purchasing an additional 6,158 shares during the period. Hsbc Holdings PLC's holdings in Modine Manufacturing were worth $1,059,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in shares of Modine Manufacturing by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the auto parts company's stock worth $157,000 after buying an additional 82 shares during the last quarter. Arizona State Retirement System increased its position in shares of Modine Manufacturing by 0.8% during the 4th quarter. Arizona State Retirement System now owns 14,451 shares of the auto parts company's stock valued at $1,675,000 after purchasing an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of 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 acquiring an additional 136 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in Modine Manufacturing by 2.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the auto parts company's stock valued at $613,000 after purchasing an additional 146 shares during the period. Finally, Signaturefd LLC increased its position in Modine Manufacturing by 6.0% in the fourth quarter. Signaturefd LLC now owns 2,786 shares of the auto parts company's stock worth $323,000 after buying an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.

Insider Buying and Selling

In related news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $79.43 per share, with a total value of $200,957.90. Following the completion of the purchase, the director now directly owns 7,277 shares of the company's stock, valued at $578,012.11. The trade was a 53.30 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, DA Davidson reissued a "buy" rating and issued a $155.00 target price on shares of Modine Manufacturing in a report on Monday, March 17th.

Modine Manufacturing Price Performance

Shares of NYSE MOD traded down $0.12 during mid-day trading on Tuesday, reaching $90.24. The company's stock had a trading volume of 791,392 shares, compared to its average volume of 950,158. The stock has a fifty day moving average of $80.51 and a two-hundred day moving average of $105.78. 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 52 week low of $64.79 and a 52 week high of $146.84. The firm has a market capitalization of $4.74 billion, a PE ratio of 30.28, a P/E/G ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.13. Modine Manufacturing had a net margin of 6.31% and a return on equity of 24.25%. As a group, sell-side analysts anticipate that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its board has authorized a share 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 buy up to 2.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Modine Manufacturing 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.