Nicholas Investment Partners LP Has $10.41 Million Position in Modine Manufacturing (NYSE:MOD)

Nicholas Investment Partners LP boosted its holdings in shares of Modine Manufacturing (NYSE:MOD - Free Report) by 4.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,769 shares of the auto parts company's stock after acquiring an additional 3,561 shares during the quarter. Nicholas Investment Partners LP owned 0.17% of Modine Manufacturing worth $10,407,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ raised its stake in shares of 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 in the last quarter. Principal Securities Inc. raised 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 worth $63,000 after purchasing an additional 269 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Modine Manufacturing by 6.5% during 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 in the last quarter. Rothschild Investment LLC raised its stake in shares of Modine Manufacturing by 34.4% during the 4th quarter. Rothschild Investment LLC now owns 1,720 shares of the auto parts company's stock worth $199,000 after purchasing an additional 440 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Modine Manufacturing by 8.2% during the 4th 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. 95.23% of the stock is currently owned by institutional investors and hedge funds.

Modine Manufacturing Stock Performance

NYSE MOD traded up $2.04 during trading on Friday, hitting $104.49. The company's stock had a trading volume of 528,599 shares, compared to its average volume of 954,874. The company has a quick ratio of 1.18, a current ratio of 1.87 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average price of $84.02 and a 200 day moving average price of $104.11. The firm has a market cap of $5.49 billion, a P/E ratio of 35.06, a price-to-earnings-growth ratio of 0.71 and a beta of 2.08. Modine Manufacturing has a 52 week low of $64.79 and a 52 week high of $146.84.

Modine Manufacturing announced that its Board of Directors has authorized a stock buyback program on Friday, March 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the auto parts company to buy up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Transactions at Modine Manufacturing

In other news, Director William A. Wulfsohn acquired 2,530 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $79.43 per share, with a total value of $200,957.90. Following the acquisition, the director now 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.40% of the stock is owned by insiders.

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.