Modine Manufacturing (NYSE:MOD) Hits New 52-Week Low - What's Next?

Modine Manufacturing (NYSE:MOD - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $77.29 and last traded at $81.74, with a volume of 948422 shares traded. The stock had previously closed at $81.80.

Analyst Upgrades and Downgrades

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

Modine Manufacturing Stock Down 0.8 %

The company has a 50 day moving average of $80.51 and a 200-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. The company has a market cap of $4.71 billion, a P/E ratio of 29.95, a price-to-earnings-growth ratio of 0.71 and a beta of 2.08.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued 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 return on equity of 24.25% and a net margin of 6.31%. On average, equities analysts predict that Modine Manufacturing will post 3.88 earnings per share for the current year.

Modine Manufacturing declared that its board has approved 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 buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at Modine Manufacturing

In related news, Director William A. Wulfsohn bought 2,530 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director now owns 7,277 shares of the company's stock, valued at approximately $578,012.11. The trade was a 53.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Modine Manufacturing

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new stake in Modine Manufacturing in the 1st quarter worth approximately $1,292,000. GW&K Investment Management LLC boosted its stake in shares of Modine Manufacturing by 2.2% in the 1st quarter. GW&K Investment Management LLC now owns 147,677 shares of the auto parts company's stock valued at $11,334,000 after purchasing an additional 3,187 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Modine Manufacturing by 14.2% in the 1st quarter. IFP Advisors Inc now owns 911 shares of the auto parts company's stock valued at $70,000 after purchasing an additional 113 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of Modine Manufacturing by 12.5% during the 1st quarter. Segall Bryant & Hamill LLC now owns 210,522 shares of the auto parts company's stock valued at $16,158,000 after purchasing an additional 23,446 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Modine Manufacturing by 154.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 360,016 shares of the auto parts company's stock worth $27,631,000 after purchasing an additional 218,254 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.

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.