Invesco Ltd. Buys 20,085 Shares of Modine Manufacturing (NYSE:MOD)

Invesco Ltd. increased its stake in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,012,533 shares of the auto parts company's stock after acquiring an additional 20,085 shares during the quarter. Invesco Ltd. owned about 3.83% of Modine Manufacturing worth $233,313,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Captrust Financial Advisors bought a new stake in Modine Manufacturing in the 3rd quarter valued at $274,000. HighTower Advisors LLC lifted its position in shares of Modine Manufacturing by 21.5% during the 3rd quarter. HighTower Advisors LLC now owns 6,474 shares of the auto parts company's stock worth $861,000 after buying an additional 1,147 shares during the period. Quantinno Capital Management LP bought a new stake in Modine Manufacturing in the third quarter valued at $218,000. Stifel Financial Corp raised its stake in Modine Manufacturing by 4.5% during the third quarter. Stifel Financial Corp now owns 22,234 shares of the auto parts company's stock worth $2,952,000 after acquiring an additional 964 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Modine Manufacturing by 1.5% during the third quarter. State Street Corp now owns 1,219,916 shares of the auto parts company's stock valued at $161,993,000 after acquiring an additional 18,108 shares during the period. 95.23% of the stock is owned by institutional investors.

Modine Manufacturing Stock Up 1.0 %

MOD traded up $0.74 during trading hours on Thursday, hitting $76.17. 188,280 shares of the company's stock were exchanged, compared to its average volume of 938,260. 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 1-year low of $64.79 and a 1-year high of $146.84. The stock's 50-day moving average is $83.44 and its two-hundred day moving average is $110.83. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 0.71 and a beta of 2.19.

Modine Manufacturing (NYSE:MOD - Get Free Report) last issued its earnings results on Tuesday, February 4th. The auto parts company reported $0.92 earnings per share for the quarter, topping 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%. Sell-side 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 authorized a stock repurchase program on Friday, March 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

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.

Insider Buying and Selling

In other news, Director William A. Wulfsohn acquired 2,530 shares of Modine Manufacturing stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $79.43 per share, for a total transaction of $200,957.90. Following the completion of the acquisition, the director now directly owns 7,277 shares in the company, valued at approximately $578,012.11. The trade was a 53.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is owned by insiders.

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.