Lord Abbett & CO. LLC Grows Holdings in Modine Manufacturing (NYSE:MOD)

Lord Abbett & CO. LLC raised its holdings in Modine Manufacturing (NYSE:MOD - Free Report) by 13.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 441,891 shares of the auto parts company's stock after purchasing an additional 53,251 shares during the period. Lord Abbett & CO. LLC owned 0.84% of Modine Manufacturing worth $51,229,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MOD. Wasatch Advisors LP lifted its stake in Modine Manufacturing by 108.0% in the 4th quarter. Wasatch Advisors LP now owns 1,428,415 shares of the auto parts company's stock valued at $165,596,000 after buying an additional 741,667 shares in the last quarter. Norges Bank acquired a new position in shares of Modine Manufacturing in the fourth quarter worth $31,590,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Modine Manufacturing by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,207,181 shares of the auto parts company's stock valued at $139,949,000 after acquiring an additional 262,936 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Modine Manufacturing by 433.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 215,230 shares of the auto parts company's stock valued at $24,953,000 after acquiring an additional 174,862 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Modine Manufacturing during the 4th quarter worth about $19,719,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Trading Up 6.7 %

Shares of MOD stock traded up $5.44 during mid-day trading on Thursday, hitting $87.08. 789,469 shares of the company's stock were exchanged, compared to its average volume of 943,507. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 29.13, a PEG ratio of 0.71 and a beta of 2.19. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. Modine Manufacturing has a fifty-two week low of $64.79 and a fifty-two week high of $146.84. The stock has a 50-day simple moving average of $80.28 and a two-hundred day simple moving average of $107.06.

Modine Manufacturing (NYSE:MOD - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The auto parts company reported $0.92 EPS for the quarter, beating 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%. Equities analysts expect that Modine Manufacturing will post 3.88 EPS for the current fiscal year.

Modine Manufacturing declared that its board has authorized a share buyback program on Friday, March 7th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the auto parts company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Modine Manufacturing

In related news, Director William A. Wulfsohn acquired 2,530 shares of the business's 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 transaction, the director now directly owns 7,277 shares of the company's stock, valued at $578,012.11. This trade represents a 53.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, DA Davidson restated a "buy" rating and issued a $155.00 target price on shares of Modine Manufacturing in a 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.