Modine Manufacturing (NYSE:MOD) Shares Acquired by Moore Capital Management LP

Moore Capital Management LP grew its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 328.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 143,814 shares of the auto parts company's stock after purchasing an additional 110,231 shares during the period. Moore Capital Management LP owned approximately 0.27% of Modine Manufacturing worth $16,672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MOD. J. Goldman & Co LP bought a new position in Modine Manufacturing in the 4th quarter valued at about $43,201,000. Jefferies Financial Group Inc. acquired a new stake in shares of Modine Manufacturing in the 4th quarter worth approximately $2,290,000. Hudson Bay Capital Management LP acquired a new stake in shares of Modine Manufacturing in the 4th quarter worth approximately $4,058,000. Granahan Investment Management LLC boosted its holdings in shares of Modine Manufacturing by 59.3% in the fourth quarter. Granahan Investment Management LLC now owns 105,122 shares of the auto parts company's stock valued at $12,187,000 after acquiring an additional 39,139 shares in the last quarter. Finally, G2 Investment Partners Management LLC increased its stake in shares of Modine Manufacturing by 29.1% during the fourth quarter. G2 Investment Partners Management LLC now owns 97,353 shares of the auto parts company's stock valued at $11,286,000 after acquiring an additional 21,944 shares during the period. 95.23% of the stock is currently owned by institutional investors.

Modine Manufacturing Price Performance

MOD stock traded up $0.24 during trading hours on Wednesday, hitting $104.91. 786,341 shares of the stock traded hands, compared to its average volume of 953,940. The stock has a 50-day simple moving average of $83.04 and a 200 day simple moving average of $104.60. The company has a market cap of $5.52 billion, a P/E ratio of 35.20, a P/E/G ratio of 0.71 and a beta of 2.08. Modine Manufacturing has a one year low of $64.79 and a one year 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.

Modine Manufacturing declared that its board has initiated a stock buyback 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 reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity

In other Modine Manufacturing news, Director William A. Wulfsohn bought 2,530 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $79.43 per share, for a total transaction of $200,957.90. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.40% of the company's stock.

Modine Manufacturing Company 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.