J. Goldman & Co LP bought a new position in Modine Manufacturing (NYSE:MOD - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 372,645 shares of the auto parts company's stock, valued at approximately $43,201,000. Modine Manufacturing comprises about 1.1% of J. Goldman & Co LP's holdings, making the stock its 14th biggest position. J. Goldman & Co LP owned 0.71% of Modine Manufacturing at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ increased its position in shares of Modine Manufacturing by 567.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 227 shares of the auto parts company's stock valued at $27,000 after purchasing an additional 193 shares during the last quarter. Principal Securities Inc. increased its position in shares of Modine Manufacturing by 97.8% during the 4th quarter. Principal Securities Inc. now owns 544 shares of the auto parts company's stock valued at $63,000 after purchasing an additional 269 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in 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 acquiring an additional 82 shares in the last quarter. Rothschild Investment LLC raised its stake 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 worth $199,000 after acquiring an additional 440 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings 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 valued at $208,000 after purchasing an additional 136 shares in the last quarter. Hedge funds and other institutional investors own 95.23% of the company's stock.
Modine Manufacturing Price Performance
Shares of NYSE MOD traded up $0.24 during midday trading on Wednesday, reaching $104.91. The stock had a trading volume of 786,341 shares, compared to its average volume of 953,940. The stock has a 50-day moving average of $83.04 and a 200-day moving average of $104.60. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.18 and a current ratio of 1.87. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 35.20, a price-to-earnings-growth ratio of 0.71 and a beta of 2.08. Modine Manufacturing has a 12-month low of $64.79 and a 12-month high of $146.84.
Modine Manufacturing declared that its Board of Directors has authorized a share buyback program on Friday, March 7th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.
Insider Transactions at Modine Manufacturing
In related news, Director William A. Wulfsohn bought 2,530 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the transaction, the director now owns 7,277 shares in the company, valued at $578,012.11. The trade was a 53.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.40% of the company's stock.
Analyst Upgrades and Downgrades
Separately, DA Davidson reissued a "buy" rating and issued a $155.00 price objective on shares of Modine Manufacturing in a research note on Monday, March 17th.
Read Our Latest Research Report on MOD
About Modine Manufacturing
(
Free Report)
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.
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