Legal & General Group Plc Decreases Holdings in Modine Manufacturing (NYSE:MOD)

Legal & General Group Plc reduced its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 6.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,157 shares of the auto parts company's stock after selling 3,632 shares during the quarter. Legal & General Group Plc owned 0.11% of Modine Manufacturing worth $6,510,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MOD. Skandinaviska Enskilda Banken AB publ boosted its position in 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 worth $27,000 after purchasing an additional 193 shares during the period. Principal Securities Inc. boosted its stake 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 buying an additional 269 shares during the last quarter. Nisa Investment Advisors LLC increased its position 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 purchasing an additional 82 shares during the last quarter. Rothschild Investment LLC raised its stake in shares of Modine Manufacturing by 34.4% in 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 in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Modine Manufacturing by 8.2% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 95.23% of the company's stock.

Insider Activity

In related news, Director William A. Wulfsohn acquired 2,530 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $79.43 per share, for a total transaction 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.40% of the company's stock.

Modine Manufacturing Stock Performance

NYSE MOD traded up $1.59 during trading hours on Thursday, reaching $78.54. The company's stock had a trading volume of 199,598 shares, compared to its average volume of 941,269. The stock has a market cap of $4.13 billion, a PE ratio of 26.28, 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. The company has a current ratio of 1.87, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $81.27 and a 200 day simple moving average of $108.86.

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

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

Analyst Upgrades and Downgrades

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

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.